New Delhi,(UNI) Defence Minister Rajnath Singh has stated that India is globally the fourth-largest economy and the fastest-growing large economy in the world. Addressing the maiden India-Australia Defence Industry Business Roundtable in Sydney today, Singh reaffirmed the growing synergy between the two nations across strategic, industrial, and technological domains.
“Under the banner of our Comprehensive Strategic Partnership, established in 2020, we stand at a pivotal juncture to re-position our defence relations, not merely as partners, but as co-creators of a secure and prosperous Indo-Pacific,” stated the defence minister. He also added that the Round Table is not merely a dialogue, it is a declaration of intent to make India and Australia natural allies in business, industry and innovation.
“Both India and Australia are part of the Commonwealth of Nations. Our shared history is built on democracy, diversity, liberty, and similar governance structures,” he noted.
Highlighting that strong bilateral ties rest on three essential pillars: a forward-looking government-to-government collaboration, people-to-people connect and convergence of business interests, the union Minister said, “Our governmental frameworks are robust and getting further strengthened. On the people’s front, we have a large Indian diaspora in Australia, complemented by an increasing Australian presence in India. However, our defence industrial partnership, based on joint R&D, innovation, co-creation and co-production, still has untapped potential.”
Speaking about country’s recent economic and industrial achievements, the defence minister stated that India is on a transformative journey of structural reforms, particularly in manufacturing.
“Our defence production touched Rs 1.51 lakh crore (approximately USD 18 billion) last financial year, the highest ever with an 18 percent increase from the previous year. Our defence exports reached Rs 23,622 crore (USD 2.76 billion), with Indian companies now exporting to nearly 100 countries,” he added.
Seeking closer industrial collaboration, Singh stated, “I see this forum as an important instrument to make India and Australia natural allies in business and industry too. This alliance has compelling economic reasons to be successful and mutually beneficial.”
He underscored that Australia excels in niche technologies such as quantum systems, autonomous underwater vehicles and advanced maritime surveillance, while India offers vast manufacturing scale, software capabilities, and indigenous strength in shipbuilding, missile technology and space.
He stated that the government has liberalised the FDI policy up to 74 percent under the automatic route and beyond that with government approval, especially when modern technology is introduced.
Rajnath Singh added that the defence production ecosystem is being continuously liberalised through policy interventions and simplification of compliance mechanisms.
“To accelerate defence R&D in the private sector, we have opened avenues for free-of-cost technology transfer through DRDO. There are attractive schemes for development of cutting-edge technologies and they are giving excellent results,” he said while underscoring the steps taken to promote research and innovation.
Highlighting specific areas for partnership, Singh stated that India with its robust shipbuilding capabilities, diverse manufacturing base and a growing ecosystem of private sector innovators and start-ups, stands ready to be a trusted partner
“Our shipyards have a proven track record in building and maintaining a wide range of naval platforms. Indian yards can offer refit, mid-life upgrades, and maintenance services to the Royal Australian Navy and vessels under Australia’s Pacific Maritime Security Programme,” he added.
“There are huge opportunities for co-production of naval vessels and sub-systems, ship repair, refits and MRO support in India for Australian and partner nation vessels, joint R&D in autonomous systems and green shipbuilding technologies,” he highlighted. UNI PWS SS
