US companies must focus on forming JVs, tech transfers: Defence Minister Rajnath Singh

 Defense Minister Rajnath Singh said cooperation between India and the United States would greatly help restore the normality of the post-pandemic world and boost the economy, calling for technical cooperation and relocation through joint ventures with Indian companies. rice field. He also said measures such as abolishing retroactive taxation have increased the credibility of the industry.

Prior to Prime Minister Narendra Modi’s visit to the United States, Mr. Singh said the pandemic “created new challenges in terms of supply chain disruption, sluggish industrial activity, and negative growth in the travel and tourism industry.” Through cooperation.

At the 18th Indian-American Economic Summit hosted by the Indian-American Chamber of Commerce, the Minister said, “Cooperation between India and the United States will greatly help restore normality and further enhance economic dynamism. No doubt. ”

The minister insisted on technology transfer with the joint venture, saying that the US and Indian defense industries have plenty of room for co-production and co-development, and that components are also manufactured locally. The minister said the defense sector was an integral part of the country’s overall growth and called on US companies to focus on creating manufacturing facilities in India. “We are also establishing an aircraft engine complex in India. We can be part of the defense ecosystem through a strategic partnership model or in collaboration with JVs,” said the Minister of the United States and India. Addressed an audience of top defense companies.

Singh pointed out that India has global leaders such as Boeing and Lockheed Martin, and said it was time to take the partnership to the next level. “I think it’s time for Indian-American business cooperation to move from a buyer-seller relationship to a more meaningful and sustainable economic and business cooperation,” he said.

The minister added that the government’s initiative “turned India into a strong and credible investment destination.” In particular, he said the mistakes made by the government in the past are being corrected and mentioned the withdrawal of retroactive tax reforms.