Defense Minister Rajnath Singh said that we have made many economic reforms to facilitate the business situation. At the same time, the economy has been opened for investment. Mr. Singh has said that India has taken several steps to attract investment in the defense manufacturing sector. He said that we are ready to rationalize tax to encourage ‘Make in India’ in the region. The Minister of Defense while addressing a delegation of CEOs (CEOs) on Wednesday referred to the recent corporate tax cuts by the Government of India. Apart from this, he also mentioned the steps taken for ease of doing business. Singh said that if there is a need to rationalize taxes for ‘Make in India’ in the defense sector, then it will be considered. The defense manufacturing sector has been largely opened up under the ‘Make in India’ initiative led by Prime Minister Narendra Modi. We have implemented Goods and Services Tax (GST) across the country. This is the biggest tax reform since our independence. We have also cut the corporate tax rate significantly. ‘
Make ready to rationalize tax for India
The Defense Minister has come for the first of 36 Rafale fighter aircraft to travel to France to take symbolic delivery. He said, ‘India is ready to explore possibilities for co-production of high-end defense equipment. At the same time we are also ready to support the modernization of our shipyards and defense platforms through technology. ”He added that French companies could make India their ‘base’ for defense equipment. They can use it not only for India but also for export to other countries. He mentioned the remarkable need for aircraft engines in both the military and civilian areas of India and said that the Government of India is willing to explore the possibility of aircraft engine complex on government basis. Rajnath Singh, who was the Chief Minister of Uttar Pradesh, has also mentioned some attractions of his parliamentary constituency. He told that his home state is the hub of culture and industry. He asked French companies to explore investment opportunities in both India’s defense industrial corridors Uttar Pradesh and Tamil Nadu.
Dassault Aviation CEO Eric Trappier was also present at the meeting on Wednesday. Also present at the meeting were Rafout CEO Bruno Barthet, Sojitec Industries CEO André Piattan, Roxel CEO Jacques Declaques, Naval Group CEO Alan Guillau. Many of these chief executives have expressed their willingness to participate in DefExpo in Lucknow from 5 to 8 February. Additional Secretary in the Ministry of Defense, Barun Mitra gave a detailed presentation on DefExpo. He also informed that there are billion dollar market opportunities in India’s defense sector. Singh’s official visit to the European nation ended after a meeting with French defense industry veterans.