India Finalizing New Strategic Materials Policy For Defense Sector

Indian defense ministry is finalizing a new strategic materials policy so that it can promote production as well as storage of defense-related strategic materials, Defense Minister said.

“We have set up a study team to draft a new strategic materials policy to promote the sector, which involves production and storage of these materials,” said Defence Minister Manohar Parrikar on Wednesday.

Parrikar told reporters on the sidelines of an industry exhibition on technology and material sciences in Navi Mumbai that he expects another INR 50,000 crore (US $7.4 billion) -60,000 crore (US $9 billion) worth of defence contracts to be signed during the remaining quarters of the financial year, taking the total orders to INR 3 trillion (US $45 billion) since he took charge two years ago.

“During the past 23 months that I have been in charge, we have signed contracts worth INR 2.2 trillion (US $33 billion). Recently, we signed a letter of intent with a government-run Goa shipyard build mine counter measure vessels for the Navy for about INR 32,000 crore (US $4.7 billion), taking the total orders to INR 2.5 trillion (US $37 billion),” he said.