Defence Ministry has finalised a much-awaited policy under which private sector companies will be roped-in to manufacture hi-tech defence equipment like submarines and fighter jets in India in partnership with foreign entities. <br/><br/>Defence Acquisition Council (DAC), which met under the chairmanship of Defence Minister Arun Jaitley in New Delhi yesterday, gave final touches to the new defence policy. <br/><br/>The 'strategic partnership model' is aimed at creating a vibrant defence manufacturing ecosystem in the country through involvement of both the major Indian corporates as well as the Micro, Small and Medium Enterprises. <br/>'<br/>In a statement, Defence Ministry said, initially, the policy is expected to be implemented for manufacturing fighter aircraft, submarines and armoured vehicles. <br/><br/>It is expected to be expanded to other segments at a later stage. The policy is likely to be examined by the finance ministry before being considered by the Cabinet Committee on Security.<br/>'<br/>Defence Ministry said, the policy envisages establishment of long-term strategic partnerships with Indian defence majors through a transparent and competitive process wherein they would tie up with global original equipment manufacturers (OEMs) to seek technology transfers to set up domestic manufacturing infrastructure and supply chains.<br/><br/>It said, the policy will give a boost to the 'Make in India' policy in the defence sector and set Indian industry on the path to acquiring cutting-edge capabilities which will contribute to building of self-reliance in the vital sector. <br/>