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Union government approves amendment in Foreign Direct Investment Policy in the Defence Sector
The Union Government has approved the amendment in Foreign Direct Investment Policy in the Defence Sector.
The Union Government has approved the amendment in Foreign Direct Investment Policy in the Defence Sector. Commerce and Industry Minister Piyush Goyal has said that for new licensees, FDI is allowed up to 74 per cent through automatic route and beyond 74 per cent to be permitted through the government route.
The decision to ease the FDI norms will push self-reliance in production and keep national interests and security paramount, Commerce and Industry Minister Piyush Goyal.
The Minister in a tweet today said, "Welcome PM @NarendraModi Ji's decision to amend FDI policy in Defence Sector. Now, FDI is allowed up to 74% through automatic route & beyond 74% to be permitted through Govt route. This will enhance Ease of Doing Business & contribute to the growth of investment, income & employment." He added, "Foreign investments in defence sector shall be subject to scrutiny on grounds of National Security. In line with our collective vision of Aatmanirbhar Bharat, amendments will enhance self-reliance in defence production, while keeping national interests & security paramount."
For existing licensees, infusion of fresh foreign investment up to 49 per cent can be done by making a declaration of change or transfer within 30 days.
Mr Goyal said this will enhance ease of doing business and contribute to the growth of investment, income and employment. He said foreign investments in the defence sector shall be subject to scrutiny on grounds of national security.
The Minister said, in line with our collective vision of Atmanirbhar Bharat, these amendments will enhance self-reliance in defence production while keeping national interests and security paramount.
Amendment in FDI Policy in the defence sector will boost 'Make in India' programme & armed forces will get much needed technological advancement.