The PM announced 74% of FDI on defense manufacturing - TNBC USA

Kick-starting the ‘Atmanirbhar Bharat’ initiative PM Modi stated for many years India has been one of the biggest importers of defense equipment. Now the government has taken the decision to allow 74% of FDI into defense sectors through automatic route.

“For many years, India has been one of the biggest defense importers. When India got independence, it had great capability in defense manufacturing and an ecosystem of defense manufacturing established over 100 years. Unfortunately, this subject couldn’t get requisite attention,” Mr. Modi announced at Atmanirbhar Bharat Defence Industry Outreach Webinar today.

The PM strongly stressed to build India as a strong Defense manufacturing sector and to make the country a reliable exporter of weapons to the friendly Nations by saying, “When India got independence, it has a robust defense production ecosystem. Unfortunately, defense production in India was not focused on post-independence…But we will now work towards breaking all barriers to promote defense production in India”.

General Rawat also mentioned in the seminar by saying weaponry manufactured indigenously will give greater satisfaction to the armed forces and will also boost the Defense Mechanism of the country itself.

The announcement of August 9 by Rajnath Singh to stop the import of 101 weapons and military platforms by 2024 shows India is determined to make itself self-reliance in defense manufacturing and to make the country a defense manufacturing hub to promote the domestic defense industry across the world and emerge as a global power.

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