Wednesday, July 17, 2019
News

Defence Ministry to streamline export procedures

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | June 17, 2019 4:11:19 PM IST
The Ministry of Defence will soon introduce changes in the open general licence norms to boost exports out of India, said Sanjay Jaju, Joint Secretary, Defence Industries Production, here on Monday.

Authorities are working on two open general export licences and the entire process of seeking permissions will be reduced, he said while addressing a workshop organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), an industry body.

"We will create a system under which Indian exporters will have the opportunity to give self-declaration of their quarterly or yearly statements for a select group of countries," said Jaju.

"We are trying to come up with a solution where an open general export license for certain products to certain countries will be issued. Those companies which register under particular license can export these items and give us declaration over a quarter, or a month or a year, and maintain records at their own premises," he told ANI.

Jaju said India's defence exports increased from Rs 1,500 crore in 2016-17 to Rs 11,000 crore in 2018-19 with 90 per cent of the products as components.

"This is going to increase further during this year. Our industry is able to access international markets."

One-fourth of the turnover by defence public sector undertakings should come from exports.

"Out of one trillion dollar manufacturing economy in the next five years, 25 billion dollars must come from defence-related sectors. So we expect five billion dollars worth of defence exports each year," he said. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Agonising wait on for 200 Tiranga TV sta...
Agonising wait on for 200 Tiranga TV sta...
Kesarbai Building missing from BMC's lis...
Tonnes of wheat rotting in rain in Harya...
HDFC AMC Q1 FY20 net profit up 42 pc at ...
Heavy rains in north, northeast cause fl...
More...
 
INDIA WORLD ASIA
BPSC apologises for controversial questi...
Both TMC, BJP claim control over Bongaon...
SP, VHP leaders shot dead in two separat...
7 killed, 10 injured in south Mumbai bui...
LS members raise farmers' problems, ways...
Ranchi court directs girl to distribute ...
More...    
 
 Top Stories
Graphic suicide scene in '13 Reason... 
CSC partners with Facebook to empow... 
Sub-continental coaches feel the he... 
SP, VHP leaders shot dead in two se... 
Bollywood needs Atif Aslam: Amaal M... 
Tonnes of wheat rotting in rain in ... 
Sir Ben Stokes? Could be possible, ... 
Agonising wait on for 200 Tiranga T...