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Centre moves to hike defence FDI up to 100%
Highlights
New Delhi: No sooner the Narendra Modi government has begun to function than the government started permitting up to 100% foreign investment in defence production.
New Delhi: No sooner the Narendra Modi government has begun to function than the government started permitting up to 100% foreign investment in defence production, in a proffer to send a brawny gesture to global investors and to try and move the production base of some equipment into the country. The commerce and industry ministry has circulated a Cabinet note seeking comments from other government agencies, according to the sources.
Arun Jaitley had spoken of the government's objective to trek the FDI cap in the sector to 100% from 26% at present, a move that has been opposed by the defence ministry for years.
The ministry is also getting ready for other proposals to allow FDI in sectors such as railways, where the list of areas the investment will be allowed is being expanded, added sources.
It is worth recollecting that previously, the government had planned to allow FDI in high-speed train systems, suburban corridors, high-speed tracks and freight lines connecting ports and mines. Likewise, there is a pitch to ease FDI norms in construction.​
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