Prime Minister Narendra Modi on Friday launched seven new defence companies and said they will be a massive base for India’s military power. Addressing the launch event of these companies on the occasion of Vijaya Dashami, PM Modi said, “India is taking new resolutions to build a new future. The decision to revamp 41 ordnance factories and the launch of these seven companies is a part of this resolution journey. This decision has been pending for the last 15-20 years.”

The seven new companies which have been launched are—Munitions India Limited (MIL); Armoured Vehicles Nigam Limited (AVANI), Advanced Weapons and Equipment India Limited (AWE India), Troop Comforts Limited (TCL), Yantra India Limited (YIL); India Optel Limited (IOL) and Gliders India Limited (GIL). They will have 66 firm contracts worth ₹65,000 crore from the three services and paramilitary forces.

Pointing out that India’s ordnance factories were the most powerful globally at one period of time, Prime Minister Modi said that these factories had the experience of more than 100 to 150 years.

“During World War, the world saw the strength of India’s ordnance factories. We used to have better resources and world-class skills. Post Independence, we needed to upgrade these factories, adopt new-age technology. But it didn’t get much attention,” PM Modi said.

The Prime Minister also urged start-ups to be a part of this journey in the country’s defence sector. “You should think about your research, how your products can benefit from each other’s capabilities in collaboration with these companies.”

Defence minister Rajnath Singh, who was also present during Friday’s launch, said the Centre is aiming to bring India among the top countries across the globe in the field of the defence sector. “Today seven companies are being dedicated to the nation in the course of the reformative change. There could hardly have been a better opportunity for such reforms to achieve its new objectives,” Singh said.

According to a release from the Prime Minister’s Office (PMO) on Thursday, the Centre decided to convert the Ordnance Factory Board from a government department into seven 100% government-owned corporate companies to improve self-reliance in the defence preparedness of India.

The release added that the above move will bring about enhanced functional autonomy, efficiency and will unleash new growth potential and innovation.