SME Times is powered by   
Search News
Just in:   • GST good for logistics but glitches, compliance concerns: Ficci  • PNB fraud: ED raids over 45 locations in 15 cities  • India moving towards a $5 tn economy: PM  • CII-IBA Q4 Financial Conditions Index up over 2016-17, falls below Q3  • British minister for slashing some university tuition fees 
Last updated: 18 Mar, 2017  

Tank.9.Thmb.jpg India not happy as world's largest arms importer: Jaitley

Arun Jaitley
   Top Stories
» "Northeast land of unexplored opportunities for start-ups"
» Definition of employment changing: Kovind
» Need quality infra to keep pace with globalisation: PM
» India, Iran sign nine agreements
» People must be at the centre of governance: Naidu
SME Times News Bureau | 18 Mar, 2017
India is not happy with the label of world's biggest importer of arms, Defence Minister Arun Jaitley said on Friday.

"India has third-largest armed forces in the world. We are also one of the largest importers of defence equipment in the world. This definitely is not a label we are happy with," Jaitley said at the India-Russia Military Industrial Conference here.

Jaitley, who took charge as Defence Minister for the second time since 2014, said Russia will have a "comparative advantage" in partnering with India in the 'Make in India' programme.

"Russia being our oldest partner in defence hardware and equipment, Russian companies will have a comparative advantage in partnering with Indian ones for realising 'Make in India' potential in defence production," the minister said.

As per the latest report of Stockholm International Peace Research Institute (SIPRI), India is the world's largest arms importing country accounting for 13 percent of global arms imports between 2012 to 2016. Russia supplied 68 percent of the arms India imported in this period.

Jaitley said Indian and Russian companies can partner to produce spare parts and maintenance of Russian equipment in the Indian inventory.

"With regard to maintenance and life-cycle support also, it is our endeavour that most components and spare parts required for maintaining the platforms, which have been procured from Russian companies, are manufactured by Indian companies through technology transfer or through joint ventures with Russian companies.

"It will ensure serviceability of platforms is improved and we do not lose critical time in repairing and maintaining these equipments," he said.

"Relations with Russia are a key pillar of India's foreign policy and Russia has been a longstanding and time-tested strategic partner of India for the last 70 years," the minister said.

He said the bilateral relations have evolved from one of seller and buyer to a point where both are indulging in joint research and development.

"India has a longstanding and wide-ranging cooperation with Russia in defence. India-Russia Military Technical Cooperation has graduated from a simple buyer-seller relation to the one involving joint research, development and production of advanced defence systems. BrahMos missile system as well as the licensed production of SU-30 in India are examples of such flagship cooperation," he said.

Minister for Industry and Trade of Russian Federation, Denis Manturov, meanwhile pointed out that Russia is the only country sharing technology with India.

The two-day India-Russia Military Industrial Conference, which started on Friday, has been organised by the Department of Defence Production.

The conference primarily aims at addressing the issues related to lifecycle support and maintenance of major Russian-origin equipment and platforms like the SU-30 MKI aircraft, Mi-17 helicopters, MiG-29K aircraft, aircraft carrier INS Vikramaditya and T-90 tanks.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 20 Feb, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(17)
» New MSME definition(11)
» New Startup India framework launched(3)
» Govt has freed MSME sector from 'inspector raj: Giriraj Singh(2)
» Job seekers protest at Bihar railway stations(2)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter