PM dedicates seven defence companies to the nation

New Delhi: Prime Minister Narendra Modi on Friday dedicated seven new defence companies to the nation, and said new government policies have led to an increase in defence exports by over 325 per cent during the past five years.

“Today, as India enters 75 years of independence, we are completing projects that were stuck for a long time. 41 Ordnance factories are being converted into seven corporate entities, as a measure to improve our self-reliance and defence preparedness,” the Prime Minister said.

He said post independence, proper attention was not given to the ordnance factories, which led to India becoming dependent on imports.

“At the time of World Wars, the world saw the capability of India’s ordnance factories. After independence, we needed to upgrade these factories with new age technology, but not much attention was paid to it. India started becoming dependent on other countries,” Prime Minister Modi said.

“Over the last five years, our defence export has gone up by 325 per cent because of new policies,” he said. He stressed that the government is pushing for further indigenisation of defence production.

The PM added that under the Aatma Nirbhar Bharat Abhiyaan, the country not only aims to develop a modern military industry but also make India the world’s largest military power.

The Government has decided to convert Ordnance Factory Board from a Government Department into seven 100 per cent Government owned corporate entities. An official statement said it is being done as a measure to improve self-reliance in the defence preparedness of the country.

“This move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation,” the statement said.

The seven new Defence companies that have been incorporated are: Munitions India Limited (MIL); Armoured Vehicles Nigam Limited (AVANI); Advanced Weapons and Equipment India Limited (AWE India); Troop Comforts Limited (TCL); Yantra India Limited (YIL); India Optel Limited (IOL); and Gliders India Limited (GIL).

UNI