New Delhi: Paras Defence & Space Technologies Ltd has announced plans to set up India’s first optics park in Maharashtra with an investment of Rs 12,000 crore. An initial agreement was signed between the company and the Maharashtra government at the World Economic Forum in Davos, with the project set to begin operations by 2028.
Focus on Optics Manufacturing for Critical Sectors
The optics park will serve as a manufacturing hub for critical sectors, including defence, space, automotive, and semiconductors. Paras Defence aims to contribute to India’s goal of self-reliance in advanced technology manufacturing while creating a robust domestic supply chain.
The project, designed to scale and adapt to future technological demands, will continue until 2035. It is expected to generate over 2,000 direct jobs and create opportunities in associated industries.
Maharashtra Government’s Role
As part of the initial agreement, the Maharashtra government will support Paras Defence in acquiring land, securing necessary approvals, and offering incentives to ensure the project’s smooth implementation. The optics park aligns with the state’s strategy to attract investments in advanced technology sectors.
Broader Implications for India’s Manufacturing Ecosystem
The establishment of this park marks a significant step in enhancing India’s capabilities in optical technologies, a field crucial for both civilian and defence applications. It is also a move to strengthen India’s position in global supply chains, particularly for semiconductors and space technologies.
The project underscores the ongoing efforts to advance the ‘Make in India’ initiative by focusing on cutting-edge manufacturing and reducing reliance on imports in critical sectors.
The optics park’s launch is part of India’s broader strategy to position itself as a global leader in technology-driven industries.
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