German economy forecast to lag eurozone growth until 2026
The German economy is expected to significantly underperform the eurozone average until at least 2026, according to the European Commission's Autumn Forecast released on Friday.
Minister of State, Ministry of Defence Sanjay Seth on Wednesday addressed the senior officials of Advanced Weapons and Equipment India Limited (AWEIL) and Gun and Shell Factory (GSF), Kashipur during his maiden visit to Kolkata and emphasized AWEIL’s achievements and future prospects as a premier Defense Public Sector Undertaking (DPSU).
The Minister highlighted the need to improve performance, efficiency, and skills to compete with both Government PSUs and private industries.
He assured that the government will continue to support these initiatives.
Sanjay Seth urged AWEIL’s skilled, qualified, and experienced workforce to maximize the use of all human resources and collaborate with associated establishments to achieve success in line with the nation’s aspirations.
This visit underscores the commitment of the Ministry of Defence to bolster India’s defence capabilities and promote self-reliance in defence production.
Meanwhile, the government’s focus is on increasing the export of defence products to strengthen the country’s economic situation and global market presence.
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If we talk about current orders and sales the orders worth Rs 9380 crores available till 2032-33 and expected total orders to exceed Rs 10,000 crores by September 2024. The recorded sales of Rs 2018 crores (provisional) in FY 2023-24, a 6.2 per cent increase from Rs 1900 crores in the previous fiscal year, the Ministry of Defence stated.
“Total export orders worth Rs 615 crores since corporatization. Orders for medium-caliber weapons, small arms, artillery gun parts, and ammunition hardware from European, Middle Eastern, Asian, and American countries,” it added.
GSF is India’s first and oldest ordnance factory and it manufactures medium-caliber guns like the 84mm RL MK-III and AK-630M naval gun. The recent indigenous development of the AO-18 ordnance is related to the AK-630M gun, previously imported from other nations.
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