Indian industry will move ahead with the US investment and technology partnership

Washington: The US visit of  of Indian Defence Minister Manohar Parrikar’s will play as a key role in business and trade Of India. Minister seems more confident for the efforts that India has made to enhance the growth of Indian industry. With partnership of US in  investment and other technology, Indian industry will grow significantly.

Members of the US-India Business Council (USIBC) comprising 350 top-tier US and Indian companies hosted a Defence Policy Group (DPG) delegation from India ahead of Parrikar’s visit to the US in December. Senior Indian defence ministry officials are in the US for bilateral meetings with the US Department of Defence to discuss progress on joint initiatives such as the US-India Defense Policy Group (DPG) and Defence Technology and Trade Initiative (DTTI).

Welcoming the delegation to Washington, USIBC President Dr. Mukesh Aghi welcomed Government of India’s recent announcements allowing FDI up to 49 percent under the automatic route and beyond that with the Foreign Investment Promotion Board’s (FIPB) approval.

Former US Secretary of Defence, William S. Cohen, and board member of USIBC said he was encouraged by the unprecedented level of engagement between the two governments and the private sector in the area of defence.

“As the Government of India continues its reform effort and streamlines the defence procurement process, I am confident that US investments and important technology partnerships with Indian industry will grow significantly in support of India’s indigenization and national security goals,” he said.

Swami Iyer, Vice President, Honeywell Defense and Space, and Chair of USIBC’s Defence Executive Committee said: “With diligent collaboration, both government and industry can showcase Make in India and India’s improved ease of doing business in current and future defence procurements.”

“We believe continued success in US-India defense trade can be a great enabler for India’s economy and national security.”

The US-India bilateral defence relationship has grown in a robust manner from a mere $200 million in defence trade in 2000 to over $14 billion.

Boeing recently announced that it had won a $3 billion contract from the Indian Ministry of Defence for production, training and support of 22 AH-64E Apache attack helicopters and 15 CH-47F Chinook heavy-lift helicopters.

The order includes options to further buy 11 Apache and 7 Chinook helicopters. These aircraft are being acquired by the Indian Government on Direct Commercial Sales (DCS) basis while their weapon systems like radars and missiles would be through the Foreign Military Sales (FMS) route from the US Government.