Make in India: Ministry of Defence places indents to boost
On June 2, 2020, the Ministry of Defence placed indents on OFB (Ordnance Factory Board). This has been done to boost Make in India initiative.
The indents have been placed for the supply of 156 BMP Infantry Combat Vehicles to be used for mechanized forces of Indian Army. The ICVs are to be manufactured by the Ordnance Factory located in Medak in Telangana at a cost of Rs 1,094 crores.
The manufacture of the ICVs are to be completed by 2023. With the manufacture of these ICVs the existing deficiency of the Mechanised Infantry Battalions are to be mitigated and will help in further enhancement of the army.
Make in India
Make in India initiative was launched by PM Modi in 2014. The main aim of the scheme is as follows
- To increase indigenously produced goods
- To attract foreign investments for new industrialization
- To develop already existing industries in India by surpassing China
- To create 100 million additional jobs by 2022
- To promote export-led growth
- To increase share of manufacturing sector in India’s GDP from 16% to 25% by 2022.
Month: Current Affairs - June, 2020