The ambitious Make in India program plans to attract financing to 25 sectors of the economy, with 100 percent direct foreign investments allowed in most areas. The program aims at transforming India into one of the world's industrial leaders.

NEW DELHI, January 21 (Sputnik) — India's Defense Minister Manohar Parrikar invited Russian defense enterprises to participate in a new initiative by the Indian government titled Make in India, the Indian Cabinet said in a statement Wednesday.

"Mr. Parrikar mentioned India's policy of 'Make in India' and sought Russian defence enterprises' participation in a big way," the statement issued after Parrikar's talks with Russian Defense Minister Sergei Shoigu read.

In September 2014, India's Prime Minister Narendra Modi presented to the country's business community the ambitious Make in India project, a program designed to transform the country into one of the world's industrial leaders. Through this initiative, India plans to attract financing to 25 sectors of the economy, from tourism to mining, with 100 percent direct foreign investments allowed in most areas.

A source in India's Defense Ministry told RIA Novosti that Indian defense companies are currently searching for potential Russian partners to cooperate on the new initiative.

On Wednesday, Shoigu visited New Delhi, where he held talks with his Indian counterpart and participated in the 14th meeting of the Inter-Governmental Commission on Military and Technical Cooperation, which aims at boosting Russia's military and counterterrorism cooperation with its South Asian partner.

The defense minister also visited the joint defense enterprise BrahMos Aerospace Limited, where he became acquainted with missile weapons produced by the company.