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FM declares hike in FDI in defence manufacturing; ban on definite imports of defence weapons

NEW DELHI: To lift Manufacture in India in defence manufacturing, finance minister Nirmala Sitharaman on Saturday said FDI restrict in defence manufacturing could be hiked to 74 per cent from 49 per cent whereas some weapons and platforms could be banned for imports.

Items banned for imports can handiest be purchased from all via the nation, she said presenting the fourth tranche of the industrial stimulus kit.

Also, there could be indigenisation of some imported spares, she said at the side of separate budget provisioning for domestic capital procurement could be performed.

This, she said, will decrease the sizable defence import invoice.

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Ordnance Manufacturing facility Boards could be corporatised for better management and sooner or later earn listed on the stock market, she said at the side of corporatisation is no longer privatisation.

For the time-certain defence procurement process and sooner decision-making, project management unit (PMU) to make stronger contract management could be save up.

The FDI restrict in the defence manufacturing below computerized route could be raised from 49 per cent to 74 per cent, she said.

Look FDI restrict in defence manufacturing below computerized route raised from 49% to 74%: FM Nirmala Sitharaman

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