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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], February 21 (ANI): President of <keyword id="19915275" type="General" weightage="20" keywordseo="boeing" source="keywords">Boeing</keyword> India and South Asia, <keyword id="20265370" type="General" weightage="20" keywordseo="salil-gupte" source="keywords">Salil Gupte</keyword>, hailed the 'Make in India' initiative and said that New Delhi is moving from being one of the largest importers to developing its own platforms. He said that Boeing is one of the Original Equipment Manufacturers (OEM) that has coordinated most with India in this direction. <keyword id="20666703" type="General" weightage="20" keywordseo="gupte" source="keywords">Gupte</keyword> said that a lot of discussion at the Indus X event -- which is being held on the sidelines of the Raisina Dialogue 2024 -- is around co-development and co-production. Speaking to ANI, Salil Gupte said, "Several products for defence, that are in the pipeline for co-development...Boeing has decided to specifically participate in those types of programmes, because in defence, under the 'self-reliance' theme, India is moving from being one of the largest importers of products to developing its own platforms here." "Some of it will be done totally with Indian companies and some of it will do in partnership with Original Equipment Manufacturers (OEM). Boeing has been one of the OEMs that has coordinated most with India," he added. Gupte said that Boeing is exporting worth of Rs 10000 crores per annum as part of 'Make in India' programme. "We have Rs 10000 crores per annum of sourcing that we export from India already as part of our 'Make in India' programme. And now we think that our new engineering centre in Bangalore, it is an opportunity to combine the strong engineering capability with manufacturing capability to give a fillip to the Make in India programme," he said. The Boeing India President further said that he is expecting over 2500 aircraft to come to India over the course of the next 20 years. "In civil aviation, we see over 2500 aircraft that will be coming in India over the next 20 years, which makes it more than 10 aircraft per month. Not just aircraft, but airlines are also growing very rapidly. Akasa Air, one of the fastest-growing airlines in history, is now going international and Air India is placing large orders in the last year as they spread their wings into long-haul flights," Gupte further said. Gupte also reiterated US President <keyword id="19919748" type="General" weightage="20" keywordseo="joe-biden" source="keywords">Joe Biden</keyword>'s remark that the India-US relationship is the "most consequential of the 21st century." (ANI)

India moving from one of largest importers to developing its own platforms: Boeing India Prez Salil Gupte

Australian Deputy Prime Minister Richard Marles will travel to Ahmedabad to witness the summit clash between <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and <keyword id="6355478" type="General" weightage="80" keywordseo="australia" source="Orion">Australia</keyword> at the <keyword id="3859" type="General" weightage="20" keywordseo="cricket-world-cup" source="Orion">cricket World Cup</keyword> on Sunday. Marles, who is also Australia's <keyword id="32723" type="General" weightage="80" keywordseo="defence" source="Orion">defence</keyword> minister, and Foreign Minister Penny Wong are visiting India to co-chair the second edition of the "2+2" ministerial dialogue along with their Indian counterparts on Monday. The defence ministry on Saturday announced the Australian deputy prime minister's two-day visit to India from November 19-20 primarily for the "2+2" dialogue that is expected to focus on boosting the overall defence and strategic ties between the two countries. It said Marles will also attend the cricket World Cup final between India and Australia on Sunday. "Australian Deputy Prime Minister and Minister for Defence Richard Marles will visit India from November 19 to 20 to co-chair the second India-Australia 2+2 ministerial dialogue with Defence Minister Rajnath Singh," the ministry said in a statement. The Indian delegation at the "2+2" dialogue will be led by Singh and External Affairs Minister S Jaishankar. "During his visit, Minister Marles will also attend the Cricket World Cup final between India and Australia in Ahmedabad, Gujarat on November 19," the ministry said. It said Singh and Marles will hold a bilateral meeting on November 20 that would be followed by the "2+2" dialogue. "India and Australia are pursuing a comprehensive strategic partnership and the visit of Minister Marles is expected to give further impetus to the collaboration as well as bilateral defence cooperation," the defence ministry said. "The two countries are expected to discuss wide-ranging issues of mutual interest during the 2+2 dialogue and the bilateral defence ministers' meeting," it added. The two sides are expected to focus extensively on further ramping up the overall defence and security ties and boost the strategic cooperation in the Indo-Pacific region during the "2+2"dialogue. Both Australia and India are part of the Quad or Quadrilateral coalition that is focused on working towards ensuring a free, open and inclusive Indo-Pacific. The other two members of the Quad are the United States and Japan. The situation in West Asia in view of the Hamas-Israel conflict, China's increasing military muscle flexing in the Indo-Pacific and issues relating to regional security is expected to figure in the talks, people familiar with the preparation for the dialogue said. The inaugural "2+2" ministerial dialogue between India and Australia took place in September 2021. India has such a framework for talks with a very few countries, including the US and Japan. The latest edition of the India-US foreign and defence ministerial dialogue took place in New Delhi on November 10. The bilateral defence and strategic ties between India and Australia are on an upward trajectory in the last few years. In June 2020, the two countries elevated their ties to a comprehensive strategic partnership and signed a landmark deal for reciprocal access to military bases for logistics support. The <keyword id="10796857" type="General" weightage="50" keywordseo="mutual-logistics-support-agreement" source="Orion">Mutual Logistics Support Agreement</keyword> (<keyword id="449908" type="General" weightage="50" keywordseo="mlsa" source="Orion">MLSA</keyword>) allows the militaries of the two countries to use each other's bases for repair and replenishment of supplies, besides facilitating scaling up of the overall defence cooperation. SEE ALSO: <a href="https://www.businessinsider.in/sports/webstories/ind-vs-aus-icc-world-cup-final-past-battles-head-to-head-record-and-more/slidelist/105309620.cms">India vs Australia ICC World Cup final – Past battles, head-to-head record and more</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-strengthens-market-leadership-with-3-25-mn-new-subscribers-vis-decline-slows/articleshow/105289414.cms">Jio strengthens market leadership with 3.25 mn new subscribers, Vi’s decline slows</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Australian Deputy PM Marles to watch India-Australia World Cup cricket final in Ahmedabad

The <keyword id="32723" type="General" weightage="100" keywordseo="defence" source="Orion">defence</keyword> ministry has approved a fresh list of 928 components and subsystems which will only be procured from the domestic industry after a ban on their import kicks in under a staggered time-line of around five-and-half years. The ministry on Sunday said the aim of the move is in sync with the government's overall aim to promote 'Atmanirbharta' (self-reliance) in defence production. It is the fourth such "positive indigenisation list (PIL)" comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons. "To promote 'Aatmanirbharta' in defence and minimise imports by defence public sector undertakings, the <keyword id="6369097" type="General" weightage="50" keywordseo="ministry-of-defence" source="Orion">Ministry of Defence</keyword> has approved fourth Positive Indigenisation List (PIL) of 928 strategically-important line replacement units/sub-systems/spares and components, including high-end materials and spares, with import substitution value worth Rs 715 crore," the ministry said in a statement. The aim of the indigenisation list is also to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning the period from December 2023 to December 2028. This list is in continuation to the three similar PILs that were brought out in December 2021, March 2022 and August 2022 "These lists contain 2,500 items which are already indigenised and 1,238 (351+107+780) items which will be indigenised within the given timelines," the ministry said. Of the 1,238, 310 items have been indigenised so far, it said. The items which were already indigenised comprised 262 from the first PIL, 11 from the second list and 37 from the third PIL, according to the ministry. "The DPSUs will undertake indigenisation of these items through different routes under 'Make' category and in-house development through the capabilities of MSMEs and private Indian industry, thereby providing impetus to the growth in economy, enhanced investment in defence and reduction in import dependence of DPSUs," the ministry said. "In addition, this will augment the design capabilities of the domestic defence industry by involving academia and research institutions," it said. In a tweet, Defence Minister <keyword id="6355121" type="General" weightage="50" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> said the Narendra Modi government is committed towards indigenisation and ensuring self reliance in the defence sector. "Keeping this in mind, the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares and Components has been approved," he said. "The list includes high-end materials and spares, with import substitution value worth Rs 715 crore," Singh added. The ministry said DPSUs will soon initiate procurement action for these notified items. In the last few years, the government has taken a series of measures to promote domestic defence production. <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement over the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years which includes an export target of USD 5 billion worth of military hardware. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

<keyword id="15160768" type="General" weightage="20" keywordseo="presvu" source="Orion">PresVu</keyword> eye drops, developed by <keyword id="20007796" type="General" weightage="20" keywordseo="entod-pharmaceuticals" source="keywords">Entod Pharmaceuticals</keyword>, were launched with considerable media attention earlier this month as a novel solution for <keyword id="23035383" type="General" weightage="20" keywordseo="presbyopia" source="keywords">presbyopia</keyword>. Presbyopia is a condition where individuals aged 40 and above experience difficulty focusing on nearby objects, often requiring reading glasses. PresVu claimed to reduce or eliminate the need for these glasses, offering an alternative through its active ingredient, 1.25% Pilocarpine, which temporarily contracts the pupil, improving near vision. Entod Pharmaceuticals earlier announced that the product had approval from the <keyword id="20047866" type="General" weightage="20" keywordseo="drug-controller-general-of-india" source="keywords">Drug Controller General of India</keyword> (<keyword id="20046022" type="General" weightage="20" keywordseo="dcgi" source="keywords">DCGI</keyword>). These announcements created substantial buzz, as the treatment promised a non-invasive solution to a common problem affecting millions of people. <h2>Regulatory backlash</h2>The situation escalated when the Drug Controller General of India suspended the marketing and distribution licence of PresVu eye drops. The suspension was issued due to unauthorised promotional campaigns by Entod, which made unverified claims about the drug's capabilities. The company had reportedly promoted PresVu not as a prescription drug, but as an over-the-counter (OTC) solution that could potentially replace reading glasses — a claim that regulators found highly misleading. The DCGI expressed concerns that such promotions could lead to misuse, with patients potentially self-administering the product without medical guidance, raising significant safety concerns. Furthermore, the regulatory body pointed out that while the product had been approved as a prescription drug, the marketing blitz implied it was a quick-fix solution available to anyone, which it was not. <h2>Entod Pharmaceuticals responds</h2>Entod Pharmaceuticals quickly defended itself against these allegations, maintaining that their marketing campaign was based on the information cleared by the DCGI. According to Entod, the promotion highlighted only the approved uses of the <keyword id="4537914" type="General" weightage="20" keywordseo="eye-drop" source="Orion">eye drop</keyword>, and any misconceptions arose from how the media and public interpreted the information. The company asserted that it would challenge the suspension in court, emphasising that other pharmaceutical companies frequently follow similar marketing practices without facing such scrutiny. In a statement, Entod’s CEO, <keyword id="21011592" type="General" weightage="20" keywordseo="nikkhil-k-masurkar" source="keywords">Nikkhil K Masurkar</keyword>, clarified that the company had conducted phase 3 clinical trials in India to ensure the product’s safety and efficacy. <div type="Article" hostid="261" msid="113251803" title="The next big market for weight-loss drugs: children" mstype="2" mssubtype="0"></div>“Our approval by DCGI was based on a valid controlled clinical trial in 234 patients which was successful in showing efficacy and safety of these eye drops in patients of Presbyopia, who used these drops without eyeglasses and could read additional lines on Snellen's chart which is yardstick of near vision impairment,” Masurkar commented in a statement. He insisted that the product’s promotional activities had followed standard protocols and blamed the viral nature of media reports for blowing the issue out of proportion. Despite these defences, the product remained suspended pending further investigations. "Such eye drops with the same active ingredient and same concentration have been approved by the US <keyword id="19918726" type="General" weightage="20" keywordseo="fda" source="keywords">FDA</keyword> and marketed in the US for the last three years without any serious complications. FDA didn’t take any action on the companies marketing the same in the USA,” Masurkar further elaborated. <h2>Public and expert reactions</h2>The controversy garnered widespread attention, particularly from medical professionals. The Liver Doc, a prominent liver specialist that takes to social media to debunk pseudoscientific claims, criticised the situation on X (former Twitter), warning about the dangers of exaggerated medical claims in advertising. The doctor’s tweet emphasised that blaming Indian media for blowing Entod’s claims out of proportion was “shameless”, noting that the media merely reported exactly what the company had themselves claimed earlier. <div type="twitter" handle="theliverdr" handlename="theliverdr" favoritecount="0" retweetcount="0" id="1833828866210849170"></div>As of September 12, 2024, the suspension of PresVu's marketing approval remains in place. Entod Pharmaceuticals is preparing to contest the decision in court, hoping to reinstate its flagship product in the Indian market. The regulatory investigation continues, with the DCGI seeking clarification on the exact nature of the promotions and whether they indeed violated ethical standards. <div type="Article" hostid="261" msid="113229771" title="China&amp;#39;s drug regulator clears mpox vaccine; to undergo clinical trial" mstype="2" mssubtype="0"></div>Despite Entod’s defence, the controversy has raised important questions about the marketing of prescription drugs in India, with regulators, the media, and the public closely watching how this case will evolve. The outcome could set a precedent for how pharmaceutical companies in India can market innovative treatments, particularly when dealing with sensitive areas like vision correction.

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India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

ANI

India moving from one of largest importers to developing its own platforms: Boeing India Prez Salil Gupte

ANI

Australian Deputy PM Marles to watch India-Australia World Cup cricket final in Ahmedabad

PTI

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

PTI

PresVu eye drops: Why has a pharma company fallen in controversy for claiming to cure near-sightedness?

BI India Bureau

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