7 New Companies To Form Strong Base For India’s Military Power: PM
New Delhi: Prime Minister Narendra Modi on Friday launched seven new defence companies on the occasion of Vijaya Dashami.
Speaking at the launch event, Modi said, “India has a tradition of worshiping arms and ammunition on Vijay Dashami day. In India, we see power as a medium of creation. The nation is moving towards strength with the same spirit.”
“The companies will be a massive base for India’s military power. India is taking new resolutions to build a new future. The decision to revamp 41 ordnance factories and the launch of these seven companies is a part of this resolution journey. This decision has been pending for the last 15-20 years,” he added.
The seven new companies are – Munitions India Limited (MIL); Armoured Vehicles Nigam Limited (AVANI), Advanced Weapons and Equipment India Limited (AWE India), Troop Comforts Limited (TCL), Yantra India Limited (YIL); India Optel Limited (IOL) and Gliders India Limited (GIL).
They will have 66 firm contracts worth ₹65,000 crore from the three services and paramilitary forces.
Modi said the government has given these new companies not only a better production environment but also complete functional autonomy. He reiterated that the Government has also ensured that the interests of employees are fully protected.
Pointing out that India’s ordnance factories were the most powerful globally at one period of time, Prime Minister Modi said that these factories had the experience of more than 100 to 150 years.
Defence Minister Rajnath Singh said the move reflects the Government’s resolve of achieving ‘Aatmanirbhar Bharat’. He said, this decision will provide autonomy to these companies and improve accountability and efficiency in the functioning of 41 factories under them.”
According to a release from the Prime Minister’s Office (PMO) on Thursday, the Centre decided to convert the Ordnance Factory Board from a government department into seven 100% government-owned corporate companies to improve self-reliance in the defence preparedness of India.
National Security Advisor Ajit Doval; Chief of Air Staff Air Chief Marshal VR Chaudhari; Defence Secretary Dr Ajay Kumar; Secretary (Defence Production) Raj Kumar; Secretary (Ex-Servicemen Welfare) B Anand; Financial Advisor (Defence Services) Sanjiv Mittal and other senior officers of Ministry of Defence and representatives from the Defence Industry Associations were also present.