It is also nurturing the local manufacturing and construction ecosystem involved in producing efficient and cost-effective substitutes for the global markets.
Infrastructure and construction behemoth Larsen & Toubro said on Tuesday that it was fully committed to achieving self-reliance for the domestic industry and reduce the dependence on imported products to support the ‘Atmanirbhar Bharat Abhiyan’. “L&T, India’s leading multinational engineering, construction, technology, and financial services conglomerate is committed to achieving self-reliance for the domestic industry by creating a strong and feasible ‘Make in India’ ecosystem,” company said.
SN Subrahmanyan, CEO & MD, L&T, said, “With an unfortunate incident involving our brave soldiers at our border, sentiments are running high in the country. As a company involved in nation-building for more than eight decades, we firmly stand with the policy of manufacturing best-in-class products locally through ‘Make in India’.” He added, “We can drastically reduce our dependency on imported products, including those from China, by putting processes and systems in place to develop a large scale, efficient and cost-effective domestic industrial ecosystem over a medium to long term. The atmosphere is right for that and we should accelerate this. We are fully supportive of the government of India’s initiatives and will do our best to contribute to Atmanirbhar Bharat Abhiyan”.
The company said it has been involved in developing a strong supply chain of local vendor partners in its businesses like it did for over 80% localisation for its 155mm/52 calibre tracked, self-propelled ‘K9 Vajra-T’ guns, supplied to the Indian Army. It is also nurturing the local manufacturing and construction ecosystem involved in producing efficient and cost-effective substitutes for the global markets.
As a long-term proponent of Make in India, Larsen & Toubro has been contributing for almost all key engineering and technological developments in the country for over eight decades, the statement said. It has played a significant role in the construction of almost all nuclear reactors for power generation.
The company said it is also at the forefront of construction of key national buildings, monuments and factories, construction of transportation and smart urban infrastructure, supporting defence forces by providing cutting-edge products and supplying critical components for Indian space programme.
The tensions between India and China are running high after 20 Indian soldiers were killed in Galwan valley in a border skirmish. The economic fallout of this is visible with a number of projects in India involving Chinese firms being re-evaluated. On Monday, security was beefed up around Chinese mobile phone makers Oppo and Vivo factories. Within the country, ‘boycott China’ sentiments are gaining momentum, with some industry bodies also asking members to refrain from importing Chinese products. Credai, the real estate industry body, also asked its members to stop using Chinese products and use more of locally-produced materials for construction and related activities.