Business News
Business Today, December, 2006
Rushing Into Defence
Private sector participation can add 2 per cent to India's GDP growth.
Shivani Lath
India Inc is betting big on defence. Larsen & Toubro (L&T), Tata Power, the Kalyani Group and the Mahindras, among others, are setting up new companies or joint ventures with foreign companies to grab a share of the pie. At stake: orders worth an estimated Rs 17,000 crore a year to start with. The government, which opened up the sector in 2002, has been slow in awarding contracts to the private sector, but the players believe that there is now a perceptible change in its mindset. As a result, private sector participation, which has been limited to the manufacture of nuts and bolts, spares and washers, is now moving towards platform development.
Says M.V....
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