India’s Defence policy revision pulls Rs 494 cr FDI in two years

New Delhi, July 26 (KNN) Since the revision of Defence policy in September 2020 India has received around Rs 494 crore of foreign direct investment (FDI) in the defence sector, said Minister of State for Defence Ajay Bhatt in Lok Sabha on Monday.

Reflecting on the growth of defence sector, he said that to boost domestic defence manufacturing the government has taken a series of measures in the last few years.

“In 2020, the government announced increasing the FDI limit from 49 per cent to 74 per cent under the automatic route and up to 100 per cent through the government route in the defence sector,” he added.

The total inflow of FDI into the defence sector was about Rs 494 crore since the notification on the revised policy was issued, said MoS Defence.

The government has issued 584 defence licenses to 358 private companies for setting up of manufacturing units, including 107 licenses for weapon manufacturing to promote ‘Make in India' in the defence sector.  (KNN Bureau)