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FM announces hike in FDI in defence production; ban on certain imports of defence weapons

To Increase Make In India In Defence Production, Financing Minister Nirmala Sitharaman On Saturday Said FDI Limitation In Defence Production Will Be Treked To 74 Percent From 49 While Some Weapons And Platforms Will Be Prohibited For Imports.

PTI|Upgraded on: 16 May 2020, 05: 16: 56 PM

Nirmala sitharaman (Image Credit: News Country)

New Delhi:

To increase Make in India in defence production, Financing Minister Nirmala Sitharaman on Saturday stated FDI limitation in defence production will be treked to 74 percent from 49 percent while some weapons and platforms will be prohibited forimports Products prohibited for imports can just be bought from within the nation, she stated providing the 4th tranche of the financial stimulus bundle.

Likewise, there will be indigenisation of some imported spares, she stated including different budget provisioning for domestic capital procurement will be done.

This, she stated, will minimize the big defence import expense. Ordnance Factory Boards will be corporatised for much better management and ultimately get noted on the stock market, she stated including corporatisation is not privatisation.

For the time-bound defence procurement procedure and faster decision- making, project management system (PMU) to support agreement management will be established. The FDI limitation in the defence production under automated path will be raised from 49 percent to 74 percent, she stated.

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First Released: 16 May 2020, 05: 16: 56 PM

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Sallie Anderson
Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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