India is not a manufacturing hub for aerospace and defence, two vital economic segments. Both till recently have been in the realm of public sector and we all know the limitations of PSUs, hence manufacturing has never reached commanding heights. Will it? It remains to be seen.
Make in India
The financial results of Hindustan Aeronautics Ltd. approved at its Board Meeting held yesterday in Delhi for the nine month period ended December 31, 2018 has shown growth as compared to corresponding period ending 31st Dec 2017.
An Inter-Governmental Agreement (IGA) between the Government of Republic of India and Government of Russian Federation was concluded on 15 Oct 2016, for construction of additional Project 1135.6 Follow-on ships in India, at M/s Goa Shipyard Limited (GSL). In line with the IGA, the Government signed a contract for construction of two ships with Goa Shipyard Ltd, Goa to-date, with scheduled delivery in June 2026 and December 2026 respectively.
Indian Navy Chief Admiral Sunil Lanba, during his annual press conference, stated that the Navy will release the “submarine specific (strategic partnership) guidelines for building P 75 (I) submarine indigenously, shortly.” Execution of the project through the strategic partnership model “will result in acquisition of know-how and enable design and manufacture” of submarines in the country, “thereby enhancing the indigenous defence industrial capability in the Private Sector.”
Navratna Defence PSU Bharat Electronics Limited (BEL) has during the second quarter of FY 2018-19, achieved a robust growth in turnover and consequently recorded a healthy growth in profit as compared to the 1stquarter of current year and corresponding quarter of the previous year.
The company has achieved a turnover of Rs. 3282.40 crore, during the 2ndquarter of FY 2018-19, registering a growth of about 35 %, over the turnover of Rs. 2431.73 crore recorded in the corresponding period of the previous year.