India sells wares to friendly Asian countries
With an eye on China’s military equipment sales drive across the region, India has launched an ambitious plan to strengthen its own defence exports.
India is moving with purpose to export defence-related equipment to ‘friendly neighbouring countries’.
The dual crisis created by COVID-19 that put global suppliers on hold, and China’s accelerated moves in the region, has led to India to fast-forward its defence export promotion policy that envisages a turnover of $25 billion, including $5 billion of exports, by 2025.
In a move to encourage the domestic defence industry, foreign investment in the sector has been upped from 49% to 74%, 101 items embargoed from being imported, incentivised manufacturing defence corridors set up, and a realisation that quality and speed are of utmost
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