New Delhi, May 25 (KNN) The Union Cabinet has given its nod to the 'strategic partnership' model under which select private firms will be roped in to build military platforms like fighter jets, submarines and battle tanks.

The policy will give a boost to defence manufacturing by private defence majors including leading foreign firms.

After the cabinet meeting, Defence Minister Arun Jaitley said the government wants to implement at the earliest the new model which is aimed at production of major defence platforms and equipment by Indian companies in collaboration with leading foreign firms.

Jaitley said the strategic partnership model is part of the Defence Procurement Policy (DPP) and the cabinet was apprised about it considering its importance.

"The cabinet took note of the decision of the defence ministry. As it is an important issue, the cabinet took note of it," Jaitley told reporters.

The new policy was also discussed at a meeting of the Cabinet Committee on Security today.

Jaitley said the strategic partner for each category will be selected through a bidding process.

The defence minister said the private sector and state- run defence PSUs can co-exist and that government is going to increase its spendings in defence procurement from domestic industries.

Jaitley also said the government would soon roll out new strategic partnership policy and rope in private players to jointly manufacture defence equipments under the `Make in India` initiative.