Govt’s decision on FDI in defence to enhance self-reliance in sector: Goyal
4 years, 3 months ago

Govt’s decision on FDI in defence to enhance self-reliance in sector: Goyal

The Hindu  

The government’s decision to ease FDI norms in the defence sector will push self-reliance in production and keep national interests and security paramount, Commerce and Industry Minister Piyush Goyal said on Friday. The government has permitted 74% foreign direct investment under automatic route in the sector with certain conditions. The permit for up to 74% FDI in the defence manufacturing through the automatic route was announced by Finance Minister Nirmala Sitharaman in May while announcing the fourth tranche of the ₹20 lakh crore stimulus package for the coronavirus-hit economy. In July 2018, the government had relaxed foreign direct investment norms in the defence sector by allowing up to 49% FDI under the automatic route.

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