Deepak Tewari, MD of MSC Agency India, and Soren Toft, CEO of Mediterranean Shipping Company (MSC), met with Commerce Minister Piyush Goyal. With an emphasis on investments in inland container terminals, shipbuilding, maintenance, and container production, the minister talked about the enormous development potential in India’s shipping and logistics industry. The minister also discussed policy changes and collaborations for deep-sea vessels to boost the country’s marine competitiveness internationally and promote development, innovation, and independence in the industry. He also met earlier in the day with a delegation headed by Lockheed Martin International President Michael Williamson.
They looked into ways to boost the ‘Make in India’ campaign in the aerospace and defense industries by producing aircraft in India. To promote domestic design, development, and production of defense equipment and increase self-reliance in defense industry, the government has implemented a number of policy changes and reforms.
Numerous defense centers have been established, and significant investments are being made in aerospace and defense industry. Furthermore, a large number of international corporations have previously shared—or expressed a desire to share—essential defense and aerospace expertise with India. India’s defense exports increased by 32.5% from Rs 15,920 crore in the previous fiscal year to a record Rs 21,083 crore (about $2.63 billion) in the fiscal year 2023–2024. Notably, compared to 2013–14, defense exports have increased 31 times in the last ten years. In the most recent fiscal year, India’s defense manufacturing value rose by 17% to Rs 126,887 crore.
