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    The Government and Mazagon Dock Signed Rs. 1,070 Crore Agreement


    Finance Outlook India Team | Wednesday, 24 January 2024

    In order to strengthen the capabilities of the Indian Coast Guard (ICG), the Ministry of Defence and Mazagon Dock Shipbuilders signed a ₹1,070 crore contract on Wednesday for the purchase of 14 Fast Patrol Vessels (FPVs). The acquisition is intended to strengthen ICG's capabilities and bolster the government's heightened emphasis on maritime security.

    According to the Defence Ministry statement, "These FPVs will be equipped with multipurpose drones, wirelessly controlled remote water rescue craft lifebuoy and AI capability, among other high-tech advanced features and equipment, enabling greater flexibility and operational edge to the ICG to face new age multidimensional challenges."

    The statement also stated that these multi-role FPVs will be supplied to the Indian Coast Guard in about five years by MDL under the Buy (Indian-IDDM) category after being designed, produced, and manufactured domestically.

    "According to the statement, these FPVs will be essential in improving the protection, monitoring, control, and surveillance of fisheries, anti-smuggling operations, search and rescue operations, including in shallow waters, assistance to ships and other vessels in distress, towing capabilities, monitoring and support during marine pollution response operations, and anti-piracy operations."

    Consistent with the 'Atmanirbhar Bharat', the deal would enhance the country's domestic shipbuilding capacity, supporting maritime economic endeavors and promoting the expansion of related businesses, particularly the MSME sector.

    The initiative will successfully lead to the creation of job opportunities and the advancement of knowledge within the nation. In an effort to promote self-reliance in the defense manufacturing sector, the government earlier in April 2023 imposed an import ban on 98 weapons and systems, including futuristic infantry combat vehicles, ship-borne unmanned aerial systems, medium-range precision kill systems, and various ammunition, radars, and sensors, as well as equipment for fighter jets, maritime surveillance planes, warships, helicopters, and tanks.

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