Maharashtra government today announced a draft defense and aerospace manufacturing policy to attract investment of 5 billion dollars over a period of five years.
The highlight of the policy is creation of a fund of 1000 crore rupees to support defense manufacturers, especially the medium and small manufacturing enterprises.
Announcing the policy, Chief Minister Devendra Fadnavis said, Maharashtra is the first state to declare such a policy.
He said, the draft will be finalised after incorporating suggestions made by the industry and the defense ministry.
Speaking to media in Mumbai, Mr Fadnavis said, this initiative will also create one lakh job opportunities in the state.
He was speaking after the conference on defence and aerospace manufacturing– make in Maharashtra. Maharashtra government with the help of Defence ministry had organised the conference.
Defence Minister Manohar Parrikar was also present on the occasion. Mr Parrikar said, the fund being created to supplement defense manufacturers would be a game changer. The policy offers incentives and flexibility to manufactures.