Vijayadashmi: PM Modi launches seven new Defence PSUs, carved out of OFB

• PM Modi dedicates to the nation seven new Defence Companies on the auspicious occasion of Vijay Dashmi
• These 7 new companies would form a strong base for the military strength of the country in the times to come, said PM
• An order book of more than Rs. 65,000 Cr. reflect the increasing confidence of the country in these companies, Modi said

New Delhi: PM Modi on Friday launched seven new Defence PSUs delivering a video address. The event was organized by the Defence Ministry to dedicate the seven new defence companies, carved out of Ordnance Factory Board (OFB), to the Nation. Defence Minister Rajnath Singh and MoS Defence Ajay Bhatt, among others, were present on the occasion. In order to enhance functional autonomy, efficiency and unleash new growth potential and innovation, the Government has decided to convert OFB from a Government Department into seven Defence PSUs fully owned by Government, as a measure to improve self-reliance in the defence preparedness of the country.

In his address PM noted the auspicious occasion of Vijay Dashmi today and the tradition of worshipping arms and ammunition on the day. He said, In India, we see power as a medium of creation. He remarked that with the same spirit, the nation is moving towards strength. 

He also paid tributes to Dr APJ Abdul Kalam and said that Dr Kalam dedicated his life to the cause of a strong nation and said that Restructuring of Ordnance Factories and the creation of 7 companies will give strength to his dream of a strong India. New Defence companies are a part of the various resolutions which the nation is pursuing to build a new future for the country during this Amrit Kaal of India's independence, he added.

Modi said that the decision of creating these companies was stuck for a long time, and expressed the belief these 7 new companies would form a strong base for the military strength of the country in the times to come. Noting the glorious past of Indian ordnance factories, the Prime Minister commented that the upgradation of these companies was ignored in the post-independence period, leading to the country's dependence on foreign suppliers for its needs.  "These seven defence companies will play a major role in changing this situation", he said.

He also mentioned that these new companies would play an important role in import substitution, in line with the vision of Atma Nirbhar Bharat. An order book of more than Rs. 65,000 Cr. reflect the increasing confidence of the country in these companies, he added.

He recalled the various initiatives and reforms undertaken in the recent past that have created Trust, Transparency and Technology-driven approach in the defence sector like never before. Today private and public sector are working hand in hand in the mission of national security, he added. He cited Uttar Pradesh and Tamil Nadu Defence Corridors as examples of the new approach. He noted as new opportunities are emerging for the youth and MSME the country is seeing the result of policy changes in recent years. "Our defence export has increased by 325 per cent in last five years", he added.

[ALSOREAD] 

The names of the new seven defence PSUs are Munitions India Limited (MIL); Armoured Vehicles Nigam Limited (AVANI); Advanced Weapons and Equipment India Limited (AWE India); Troop Comforts Limited (TCL) (Troop Comfort Items); Yantra India Limited (YIL); India Optel Limited (IOL); and Gliders India Limited (GIL).

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)