Defence manufacturing FDI limit under automatic route raised to 74% from 49%
Defence manufacturing FDI limit under automatic route raised to 74% from 49%

Defence manufacturing FDI limit under automatic route raised to 74% from 49%

  • The Finance Minister Nirmala Sitharaman, announced that defence manufacturing FDI limit under automatic route has been raised to 74 percent from 49 percent, subject to security clearances.
  • The government will ban imports of some weapons to promote indigenous production.
  • She added that a list of weapons/platforms will be notified for the import ban.
  • “‘MakeInIndia’ for self-reliance in defense production – we will notify a list of weapons/platforms for a ban on import with year-wise timelines. There will be indigenisation of imported spares,”.
  • FM also announced a time-bound defence procurement process and faster decision making.
  • This will be ushered by setting up of a project management unit to support contract management and realistic setting of general staff qualitative requirements of weapons/platforms.
  • Finance Minsiter said that Ordnance Factory Boards will be corporatised for better management and these will eventually get listed on the stock market.

About Defence Minsitry-

  • The Ministry of Defence is charged with coordinating and supervising all agencies and functions of the government relating directly to national security and the Indian armed forces. The President of India is the ceremonial commander-in-chief of the armed forces of the country.
  • Founded – 15 August 1947
  • Headquarters – New Delhi
  • Minister – Rajnath Singh

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