Prime Minister Narendra Modi held a detailed meeting on Thursday to assess potential reforms and strategies to revive the economy in wake of coronavirus.
The meeting, which was held on Thursday, was attended by the Defence Minister, the Home Minister, the Finance Minister and Minister of State for Finance along with senior officials of the Government of India.
As per the official statement, the meeting discussed various strategies to bring investments into India and to promote Indian domestic sectors.
The meet discussed initiatives on attracting investment in critical defence technologies and promotion of exports of quality and state-of-the-art equipment/systems/platforms.
Prime Minister Modi laid emphasis on positioning India among the top countries of the world in defence and aerospace sectors.
During the meeting, the PM also mentioned that India should reduce dependence on imports and take forward "Make in India" initiative to ensure a robust and self-reliant defence industry in India.
He further emphasised on initiatives to promote export of defence products along with industry participation in global defence product value chain and to create an environment that encourages R&D, rewards innovation, creates Indian IP ownership.
PM also reviewed the proposed reforms for attracting domestic and foreign investment in the defence sector.
Detailed discussions were also held on streamlining procurement procedures, focused resource allocation, encouraging R&D/innovation, attracting investment in critical defence technologies and promotion of exports.Coronavirus impact: Chhattisgarh CM writes letter to PM Modi; urges relaxed borrowing limit