Goal is to make India a strong military power on its own strength: PM Modi
The purpose of Prime Minister Narendra Modi's Atmanirbhar Bharat plan is to make India a strong military power globally on its own strength while simultaneously developing a sophisticated indigenous defence sector, he stated on Friday.
On the occasion of Vijayadasami, he formally launched seven new Defence Public Sector Undertakings (DPSU), formed after the dissolution of the Ordnance Factory Board (OFB), saying, "As India enters its 75th year of independence, we are completing projects that have been delayed for a long time." A part of that journey is the decision to rebuild 41 Ordnance Factories and the formation of seven new enterprises. For the past 15-20 years, this decision has been waiting. These seven enterprises, I am convinced, will form a major base of India's military capability in the future."
In the defence sector today, there was more transparency, trust, and a technology-driven strategy than ever before. In the last five years, defence exports have surged by 325 percent. "While low cost is our strength, quality and dependability should be our brand," he stated.
The Union Cabinet adopted a long-awaited reform to corporatize the OFB on June 16, and all of its assets, staff, and management were transferred to the incorporated DPSUs on October 1.
All pending orders with the OFB's 41 factories have been converted into presumed contracts worth over Rs 65,000 crore for the new enterprises by the Ministry of Defence (MoD). It has also been agreed that the Services will pay 60 percent of the annual price of the indents to the new DPSUs as a mobilisation advance against the FY 2021-22 targets of 7,100 crore.