The helicopters will operate in maritime roles from shore bases and ships. These twin-engine aircraft feature advanced systems and improved mission capability. They will help protect offshore assets, fishermen, and the marine environment. The project will involve over 200 MSMEs and generate significant employment.

In another deal, the ministry signed a Rs 2,182 crore agreement with JSC Rosoboronexport. The contract covers Surface-to-Air Vertical Launch Shtil missiles for the Indian Navy. These systems will strengthen air defence capabilities of frontline warships.

Officials said the agreements support Aatmanirbhar Bharat and Make in India initiatives. The missile deal also reflects India’s strong defence partnership with Russia. The new systems will enhance rapid response and all-weather combat readiness at sea.

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Shah also spoke about reforms under Prime Minister Narendra Modi, noting measures like the removal of 40,000 compliances, crackdown on corruption, and the upcoming Jan Vishwas Bill 2, aimed at eliminating criminal activities in the economy. He credited financial inclusion, structural reforms, digitalization, and welfare schemes for helping India maintain a 7-8% growth rate, despite global economic slowdowns.

Highlighting future growth sectors, Shah pointed to electric vehicles, green energy, fintech, space, and defense manufacturing. He praised tax reforms, including the Next-Gen GST and personal income tax adjustments, which have boosted citizens’ trust in the system.

Shah also noted the sharp drop in Non-Performing Assets (NPAs) from 19% in 2014 to 2.5%, achieved through the “four Rs” approach: Recognise, Recover, Recapitalise, and Reform. He emphasized transparency, accountability, and digital banking expansion, which now reaches even rural areas through UPI and mobile banking.

On global issues, Shah stressed India’s economic and democratic resilience, asserting that coalition governance does not slow reforms. Concluding, he urged banks to combine innovation with support for MSMEs to strengthen India’s economic position on the world stage.

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