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Business Upturn
3 days ago
- Business
- Business Upturn
Bondada Engineering appoints Rear Admiral Sreenivas Ratnam (Retd) as CEO
Bondada Engineering has announced the appointment of Rear Admiral Sreenivas Ratnam (Retd) as the new Chief Executive Officer of the Bondada Group, effective August 4, 2025. With nearly 35 years of distinguished service in the Indian Navy, Rear Admiral Ratnam brings a rare blend of operational experience, technical expertise, and strategic vision. His career has been defined by leadership roles in naval operations, defence acquisitions, indigenisation, and shipyard modernization. He has served on multiple warships and held senior positions including ADG Acquisition Tech (Maritime & Systems), General Manager (Refits), and Principal Director of Indigenisation. Post his naval tenure, he has continued to influence India's defence ecosystem through advisory roles in the Ministry of Defence, Hindustan Shipyard, and L&T's Precision Engineering division. He was also a key contributor to the formulation of the Defence Acquisition Procedure (DAP) 2020, playing a pivotal role in advancing India's 'Make in India' defence initiative. Rear Admiral Ratnam's track record includes overseeing over ₹1.8 lakh crore worth of capital acquisitions and achieving cost efficiencies at scale. His contributions have earned him multiple commendations including the prestigious Vishisht Seva Medal awarded by the President of India. He is also academically accomplished, with degrees in engineering, strategic studies, and management from prestigious institutions like the National Defence College, College of Defence Management, and Andhra University. Bondada Engineering believes his appointment will add tremendous strategic depth to the company as it continues to scale operations across defence, telecom, and infrastructure sectors. His leadership is expected to enhance the company's project execution capabilities, promote innovation, and strengthen collaborations with public sector entities. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
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Business Standard
28-07-2025
- Business
- Business Standard
Private industry expects a timebound defence acquisition rules review
While the Ministry of Defence (MoD) is working to finalise a new version of the Defence Acquisition Procedure (DAP) before the end of this calendar year, it has not yet communicated a clear roadmap or timeline for the completion of the comprehensive review of the existing DAP 2020, private defence industry insiders told Business Standard. While the industry hopes for an expeditious conclusion to the review process, major players remain cautiously optimistic given how the process is unfolding. 'Several stakeholder meetings have taken place, and discussions are ongoing. We appreciate the open-minded and pragmatic approach shown by the MoD,' an industry insider said. Industry insiders are encouraged by what they describe as a genuine intent by the MoD to streamline procedures and shorten procurement cycles. 'There is a willingness to consider industry feedback and adopt rational suggestions, and there have been continued engagements to build consensus,' said one source. Highlighting a key concern for both the armed forces and industry, one private sector executive stressed that whenever the draft of the revised DAP is shared with stakeholders, it must include clear measures to enforce shorter procurement — rather than simply outlining deadlines. 'While the process is underway, a clear roadmap for the completion of the review has not been communicated to the industry yet,' added the source. Stressing the urgency of a prompt review and follow-up action, industry insiders point out that Operation Sindoor has brought five critical priorities into focus- enhanced need for self-reliance, fast-tracked acquisitions, induction of appropriate technologies, creation of strong industry champions, and development of an ecosystem to provide surge industrial capacity. The policymakers will clearly need to think out of the box on the approach to achieving these goals, they add. Within defence policy circles, the consensus is that funding isn't the issue — rather, the prolonged procurement timeline is, which has often forced the MoD to surrender parts of the military modernisation budget in past years. Notably, the financial year 2024–25 marked the first time in five years that the MoD fully utilised the military modernisation budget. The MoD's review, launched under its 'Year of Reforms' initiative, aims to streamline India's defence procurement policy, long criticised for delays and inefficiencies. Speaking at the Confederation of Indian Industry's annual business summit in New Delhi in May, Defence Secretary Rajesh Kumar Singh noted that the MoD has already shortened various procurement steps, potentially saving 69 weeks. However, he emphasised this was still inadequate. The secretary believes the current 5 to 6-year timeline to acquire a weapon — from request for proposal to trials and cost negotiations — should ideally be reduced to two years. On June 19, the MoD announced a comprehensive review of the DAP 2020 to 'align it with existing policies and initiatives.' A committee chaired by the director general (Acquisition) was constituted to lead extensive deliberations with all stakeholders. Comprising senior MoD officials, as well as representatives from the defence industry and academia, the committee had already begun consultations by the time of the announcement and had invited stakeholder suggestions by July 5. Former IAS officer Apurva Chandra (1980 batch), a former DG (Acquisition), who led the formulation of the DAP 2020, has been appointed Principal Adviser to the committee. The stated aim of the DAP review is twofold. First, to meet the operational requirements and modernisation goals of the Armed Forces in a timely manner. Second, to align acquisition procedures with existing policies and initiatives in order to achieve Aatmanirbharta (self-reliance) in defence; promote 'Make in India' in defence manufacturing, particularly in the private sector; establish India as a global defence manufacturing and maintenance, repair, and overhaul hub; and promote the design and development of defence technologies, with a focus on startups and private industry. Towards achieving these goals, stakeholder suggestions had been sought on policy and procedural changes to streamline acquisition processes, including ease of doing business, conduct of trials, post-contract management, fast-track procedures, and adoption of emerging technologies, such as artificial intelligence, and language improvements aimed at eliminating ambiguity, removing inconsistencies, and enhancing procedural clarity in the DAP. India now has one of the largest defence industrial ecosystems in the developing world- 16 defence public sector undertakings, over 430 licensed companies, and about 16,000 micro, small and medium enterprises. Between 2016–17 and 2023–24, India's total defence production grew by more than 1.7 times from ₹74,054 crore to ₹1.27 trillion, while the private sector's contribution rose by about 1.9 times, from ₹14,104 crore to ₹26,675 crore. Yet, its share in overall production remained largely range-bound, fluctuating between 19 per cent and just over 21 per cent.
India Gazette
11-07-2025
- Business
- India Gazette
UKIBC recommends ways and means for UK to deepen defence cooperation with India
New Delhi [India], July 11 (ANI): The UK India Business Council (UKIBC) has released a report, putting out a slew of recommendations to deepen bilateral defence cooperation between the UK and India. Through the report, UKIBC offered suggestions to the UK government to strengthen commercial ties and align strategic priorities with India, including strengthening G2G ties, strategic communication, and industry engagement. UKIBC is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and investment. UKIBC also suggested establishing a UK-India defence MSME hub. Further, it suggested that the UK foster co-development, co-production, and custom solutions, besides enhancing technology transfer, co-creating IP and defence R&D collaboration with India. The detailed report, derived from academic case studies, government reports, industry insights and expert interviews, aims to identify opportunity gaps that are hindering UK firms in India. To close this gap, the report provides recommendations for business, government and industry organisations to increase UK engagement in aerospace and defence in India. As India continues to prioritise self-reliance in defence through Make in India and Atmanirbhar Bharat initiatives, the report identifies concrete steps for the UK defence firms to become meaningful partners in India's defence modernisation agenda. It also provided insights into how the UK government policymaking can continue to unlock bilateral trade and innovation in this strategic sector. As part of its recommendations, UKIBC encouraged UK firms to be more adaptable to Indian defence procurement systems, while at the same time making recommendations to India's Minister of Defence for further refining the Defence Acquisition Procedure (DAP). It also suggested that the UK invest in India-based R&D and manufacturing, positioning itself for co-development and IP sharing, forming joint ventures with Indian enterprises, building local value chains, accessing procurement pipelines, and embedding India in UK and global supply chains. Further, it suggested that the UK's strengths in AI, cyber and aerospace tech can be leveraged, aligning with India's strategic needs. Kishore Jayaraman, OBE, India Chair, UK-India Business Council, said, 'India's ambition to become a leading defence manufacturing and innovation hub presents a timely and strategic opportunity for the UK. As trusted, like-minded partners with shared values and a strong history of cooperation, the UK and India are uniquely placed to co-create the next generation of defence and aerospace technologies.' 'Through this report, UKIBC aims to provide both strategic insight and practical guidance for UK firms seeking to navigate India's evolving defence ecosystem. The message is clear -- those who invest in long-term partnerships, local capability, and joint innovation will be best placed to succeed,' said Kishore Jayaraman. India is investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Notably, many global companies have either shared or shown intent to share critical defence and aerospace knowledge with India. With the government's thrust on the Make in India initiative, defence production has surged to historic highs. This rise in defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past years. A wide range of items, including ammunition, arms, subsystems/systems, and parts and components, were exported to around 80 countries in the just-concluded financial year, according to the Ministry of Defence data. The Indian government is now aiming for annual exports worth Rs 50,000 crore by 2029, thus strengthening its global footprint. In 2024-25, the defence exports were to the tune of Rs 23,622 crore. (ANI)
Time of India
11-07-2025
- Business
- Time of India
UKIBC recommends ways and means for UK to deepen defence cooperation with India
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The UK India Business Council (UKIBC) has released a report, putting out a slew of recommendations to deepen bilateral defence cooperation between the UK and India. Through the report, UKIBC offered suggestions to the UK government to strengthen commercial ties and align strategic priorities with India, including strengthening G2G ties, strategic communication, and industry is a policy advocacy and strategic consulting not-for-profit, with a mission to grow the UK-India trade and also suggested establishing a UK-India defence MSME it suggested that the UK foster co-development, co-production, and custom solutions, besides enhancing technology transfer, co-creating IP and defence R&D collaboration with detailed report, derived from academic case studies, government reports, industry insights and expert interviews, aims to identify opportunity gaps that are hindering UK firms in close this gap, the report provides recommendations for business, government and industry organisations to increase UK engagement in aerospace and defence in India continues to prioritise self-reliance in defence through Make in India and Atmanirbhar Bharat initiatives, the report identifies concrete steps for the UK defence firms to become meaningful partners in India's defence modernisation agenda It also provided insights into how the UK government policymaking can continue to unlock bilateral trade and innovation in this strategic part of its recommendations, UKIBC encouraged UK firms to be more adaptable to Indian defence procurement systems , while at the same time making recommendations to India's Minister of Defence for further refining the Defence Acquisition Procedure (DAP).It also suggested that the UK invest in India-based R&D and manufacturing, positioning itself for co-development and IP sharing, forming joint ventures with Indian enterprises, building local value chains, accessing procurement pipelines, and embedding India in UK and global supply it suggested that the UK's strengths in AI, cyber and aerospace tech can be leveraged, aligning with India's strategic Jayaraman, OBE, India Chair, UK-India Business Council, said, "India's ambition to become a leading defence manufacturing and innovation hub presents a timely and strategic opportunity for the UK. As trusted, like-minded partners with shared values and a strong history of cooperation, the UK and India are uniquely placed to co-create the next generation of defence and aerospace technologies.""Through this report, UKIBC aims to provide both strategic insight and practical guidance for UK firms seeking to navigate India's evolving defence ecosystem. The message is clear -- those who invest in long-term partnerships, local capability, and joint innovation will be best placed to succeed," said Kishore is investing heavily in defence and aerospace manufacturing, with several defence hubs being set up. Notably, many global companies have either shared or shown intent to share critical defence and aerospace knowledge with the government's thrust on the Make in India initiative , defence production has surged to historic highs. This rise in defence manufacturing has also led to substantial returns for investors in major defence manufacturing PSUs over the past years.A wide range of items, including ammunition, arms, subsystems/systems, and parts and components, were exported to around 80 countries in the just-concluded financial year, according to the Ministry of Defence Indian government is now aiming for annual exports worth Rs 50,000 crore by 2029, thus strengthening its global footprint. In 2024-25, the defence exports were to the tune of Rs 23,622 crore.
Indian Express
07-07-2025
- Business
- Indian Express
Post Operation Sindoor, private sector may see big push for defence manufacturing
WITH A specific thrust on the need to 'leverage the buying power' of the government, authorities are learnt to have reached out to industry bodies and multiple private defence manufacturing companies to elicit active participation in defence manufacturing. There is likely to be a greater push for enhanced indigenous arms manufacturing of items such as artillery guns, missiles, loitering and precision-guided munitions, and military-grade drones in the backdrop of Operation Sindoor. The government is pivoting towards a leaner equipment procurement model that involves leveraging the private sector to a much greater extent, giving key players visibility in terms of future orders and taking recourse to provisions such as deemed licensing to tide over procedural hurdles. Specific measures on the anvil include plans to compress procurement schedules to around two years from an average of about six years currently for big orders, as was done for the Rafale Marine aircraft procured by the Navy, a top government official told The Indian Express. A model involving research and development (R&D) by public sector undertakings (PSUs), sometimes jointly with the private sector players, and the production then being entrusted to the private company, as was done for DRDO-designed 5.56x45mm CQB Carbine that is now being manufactured by Bharat Forge after a tender process, is likely to be replicated for more equipment. In case of drones, the idea is to shortlist up to five manufacturers of civilian drones that have the capacity to expand to military-grade ones, and offer them government support for technology tie-ups and order book guidance. While the private sector defence manufacturing companies were asked to step up their production during the escalation in hostilities between India and Pakistan in May following the Pahalgam terror attack, with many responding by a three-shift production operation, the renewed push is now being made to boost domestic defence production and fully 'harness the power of industry', the official said. 'The government has clearly stated its intent of not being restrictive in its spending powers for defence. We have to harness the power of industry, whether it is PSUs, private sector companies or startups. They have to leverage the buying power of the government. And, this should trigger private investment to ensure a diversified industrial ecosystem, especially for small arms manufacturing. The private sector, including the MSMEs, need to step up to fully make use of the situation, defence manufacturing can't be confined to just the public sector,' the official said. The focus would also be on export of items where India has 'good capacity', including high-demand items such as 155mm shells due to the ongoing conflict in Europe. Defence procurement norms revision The government is also working towards revising the Defence Acquisition Procedure (DAP) 2020 to streamline the defence procurement process. A compression of the documentation manual, co-development with the Defence Research and Development Organisation (DRDO), and a competitive bidding procurement procedure through tenders and not nominations are going to be the key focus areas for the proposed DAP 2025 that is likely to be ready in about eight months. Efforts are underway to make DAP 2025 less voluminous and more practical, especially the broader objective of fostering private participation in India's defence sector. GIVEN THAT the nature of warfare is changing, an area where there is likely to be a greater thrust post-Op Sindoor is standoff weapons, including missiles, drones. The government is also working to update its Defence Acquisition Procedure to streamline the procurement process, elicit greater industry participation, and compress acquisition timelines. In case of drones, three to five manufacturers have some capacity to expand from civilian drones to military-grade ones. Given that this market is a monopsony — the government as the only buyer — the plan is to use its buying power to give visibility in terms of orders to that manufacturing ecosystem. There is also a renewed focus on a consortium approach, involving PSUs and private companies. A model could involve R&D by PSUs such as DRDO, sometimes in partnership with the private sector players, and the production then being left to the private company. The intent is to encourage these layers through orders and give them some visibility into the future orders so that they start investing in this area, including tying up with the technologies from abroad. 'We will try to ensure this by speeding up procurement and by giving them visibility in terms of orders,' an official said. The DRDO-designed 5.56x45mm CQB Carbine, now being manufactured by Bharat Forge, after being selected as the lowest bidder in the Army's procurement tender for over 4.23 lakh carbine units, is a case in point. This carbine, developed by the Armament Research and Development Establishment and Bharat Forge, is a close-quarter battle weapon intended for urban warfare and counter-insurgency operations. Compressing field evaluation trials is already something that is work-in-progress, the official said. The acquisition of the Rafale Marine aircraft, which was done in about 24 months as against the typical time frame of 5-6 years for a big order, is serving as a key example for reduced procurement timeline. The Inter-Governmental Agreement between India and France of the contract for India's acquisition of 26 Rafale Marine to equip the Indian Navy was signed in April 2025. This contract followed the announcement in July 2023 of the selection of the Rafale Marine, for which the Indian Navy will be the first user outside France, after an international consultation process. Defence expenditure push While there may not be an immediate need for revision of the record defence budget, officials said there could be a slight increase in spending over and above the allocated amount in the Budget for 2025-26. 'We are well on track for defence spending in the first quarter. Larger procurements anyway take time, the contracts are of around 5 years duration, but rest of the spending is on track. Till the end of June, around 17-18 per cent of the defence modernisation budget has been spent. There might be a slight upward revision, we'll see when we reach that stage,' the official said. According to the latest data by the Controller General of Accounts, the Ministry of Defence had spent 14 per cent or Rs 24,730 crore till May-end out of its total budgeted capital expenditure Rs 1.8 lakh crore for FY26. The Ministry had spent just 4 per cent of its budgeted amount in the corresponding period of the previous financial year. Emergency procurement is also likely to account for about 15 per cent of the overall allocation this year, much of that initiated during Operation Sindoor. That, combined with the stepped up pace of current expenditure, officials expect the allocation to be fully protected at the revised estimate stage and if there are additional requirements, the Ministry of Finance has assured the Ministry of Defence that on capex, there would be no constraint on the Rs 1.8 lakh crore spend.
