India’s first private sector missile sub-systems manufacturing facility, a joint venture between the $2.5 billion Kalyani Group and Israel’s Rafael Advanced Defence Systems Ltd., was inaugurated near Hyderabad.
To begin with, the Kalyani Rafael Advanced Systems (KRAS) plant will make anti-tank guided missile (ATGM) Spike and the production is expected to begin in a few weeks. Formed in line with the ‘Make in India’ initiative of the Centre and the policy to encourage private sector participation in defence production, the 51:49 joint venture will develop a wide range of advanced capabilities.
Make in India:
Make in India campaign aims to draw in organizations from around the globe to manufacture and invest in India. The campaign concentrates on facilitating job creation, enforcement to the tertiary and secondary sector, boosting the national economy, making India a self-reliant nation and ensuring that the Indian economy gets international acknowledgement.
The essential target of the campaign is to draw in ventures from over the globe and reinforce India’s assembling segment. It is being driven by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India.
Under the ‘Make in India’ initiative, the government has, in the last one year, announced several steps to improve the business environment by easing processes to do business in the country and attract foreign investments.