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India to pick industry champions as defence buying plan cleared

India approved on Wednesday a long-awaited policy to boost local defence manufacturing by effectively picking industry champions that would tie up with foreign players to make submarines, fighter jets, helicopters and armoured vehicles.

Prime Minister Narendra Modi has vowed to end India's role as the world's largest arms importer by asking foreign firms to share technology with local players and then manufacture in India - in return for a slice of the $250 billion analysts estimate New Delhi will spend on its military over the next decade. Under the "Strategic Partnership" model, the government will shortlist and then pick Indian companies to join forces with foreign firms. The winners will be guaranteed billions of dollars of orders to incentivise them to manufacture.

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