Govt approves 36 FDI proposals in defence sector
The Dollar Business Bureau
The government has so far approved 36 proposals for foreign direct investment (FDI) and joint ventures (JV) in the defence sector for manufacturing of defence equipment. Karnataka and Maharashtra got the maximum number of proposals approved.
“So far, 36 FDI/Joint Ventures proposals have been approved in defence sector for manufacture of various defence equipment, both with Indian public and private companies,” Dr. Subhash Bhamre, Minister of State for Defence, said in a reply to the Lok Sabha on Friday.
The states of Karnataka and Maharashtra got the share of maximum FDI proposals with 12 and 9 proposals, respectively.
From New Delhi 5, Tamil Nadu 3 and Telangana 4 proposals have been approved.
One FDI/JV proposal each from Haryana, Himachal Pradesh and Uttar Pradesh got the clearance from the government.
Earlier, this year, the government has opened the defence sector for 100% FDI, permitting the foreign companies to own up to 100% equity in the domestic defence sector only after the approval of the government especially in cases where there is an access to modern technology.