In this episode of the State of the Economy podcast, we talk to Rajinder Singh Bhatia, the newly appointed chairman of the Indian Society of Defense Manufacturers (SIDM), India's apex body, about how the defense industry is changing. Dalip Singh talks about being ready to respond to a crisis. The podcast will discuss service requirements for workhorse weapons and next-generation systems, along with the government's export drive and expectations for the 2024 budget. The podcast begins with a discussion of the government's view of the defense industry, highlighting its role as a key pillar of India's strategic homeland. -dependence. Mr. Bhatia, who is also Chairman, Defense Business, Kalyani Group, emphasizes the need for a comprehensive defense industrial base that combines the strengths of both the public and private sectors to achieve the goals of Atmanirbhar Bharat. The conversation touched on India's export promotion, which is expected to touch Rs 20,000 crore in FY24, for which Mr. Bhatia said SIDM plans to set up an Export Promotion Council to facilitate it. Stated. He also informed that India will soon sign the Security of Supply Agreement (SOSA) with the US, which will include regulatory hurdles for seeking access to the defense market and integration of Indian companies with Indian companies. This is a step towards removing the strategic agreements necessary for this purpose. global supply chain. The discussion also highlights challenges and opportunities for defense exports in the European market. The conversation will further discuss the challenges facing India's defense industry and explore topics such as the need for self-reliance in core defense technologies. Mr. Bhatia shares his views on the important role of startups in the defense sector. The conversation also touches on the financing challenges faced by startups and continued efforts to streamline the acquisition process to reduce deployment time as future weapons have short shelf lives. He wants the government to consider, ahead of the interim budget, the fact that the capital budget will be spent on addressing contractual responsibilities and encouraging investment in research and development. The episode concludes with the changing global perception of the capabilities and capabilities of India's military industry.
About the economic situation podcast
The Indian economy is being hailed as a bright spot amidst the gloom that currently grips the world. However, some sectors continue to stutter even though others seem to be starting to fire on all cylinders. To help you make sense of this country's mass of contradictions, BusinessLine brings you podcasts from experts in everything from finance and marketing to technology and startups.