New Delhi, Jan. 31 (ANI): Defence Minister A.K. Antony on Thursday called upon Indian industry, both public and private, to abandon their 'miserly attitude' towards spending on research and development.
Inaugurating an international seminar-cum-exhibition on naval armaments titled 'NAVARMS-2013' here, Antony said the government has been keen to encourage industry to realign its business processes for strategic alliances and joint ventures.
He said the government is also encouraging industry to step up research and development efforts to remain globally competitive, especially in critical technology areas.
Antony said Indian industry is at the threshold of becoming a global player in the field of information and communication technology, engineering and manufacturing.
The introduction of Buy and Make (Indian category) is a significant step that has been designed to enhance indigenisation with the opening up of the defence sector in India for 100 percent private sector participation with foreign direct investment permissible up to 26 percent.
Antony hoped industry will gradually assume the role of a system integrator and manufacturer of complete defence equipment and systems.
"This provides a major shift in the role of private sector in India," he said.
Antony further said that the Ministry of Defence (MoD) is in the process of revising the Defence Procurement Procedure (DPP), adding that the revised DPP would be operational from the next financial year.
Describing offsets as an integrated part of policy to promote indigenization, he said, it has enabled greater participation of the defence industry in the country. (ANI)