Shares of defence equipment manufacturers, service providers and ship-builders gained after India barred certain such imports to boost local manufacturing.
The defence ministry has approved a “third positive indigenisation list” of 780 strategically important line replacement units, sub-systems, components with a timeline beyond which they will only be procured from the domestic industry, according to a PIB statement dated Aug. 28.
That’s in pursuit of self-reliance in defence manufacturing and to minimise imports by defence public sector undertakings under the government’s ‘Aatmanirbhar Bharat’ initiative, it said.
The list is in continuation of the two such lists approved in December 2021 and March 2022. The three lists contain 2,500 items that are already indigenised and 458 items which will be indigenised within the threshold timelines.
The indigenisation of the items will be done through different routes under the ‘make’ category, the statement said.
Of the defence stocks, Mazagon Dock surged 12%—the most among peers—to a record high around noon on Monday.