Finance Minister Nirmala Sitharaman on Saturday (16 May) began her fourth tranche of announcements pertaining to the Rs 20 lakh crore economic package under Atmanirbhar Bharat vision.
FM Nirmala Sitharaman said that structural reforms will be the focus of fourth tranche of economic stimulus package with an aim to boost growth, create jobs in the country.
The FM announced various measures to give impetus to defence manufacturing in India.
She announced that government will notify a list of weapons/platforms for ban on import with year wise timelines.
Moreover, indigenisation of imported spares would be promoted along with corporatisation (not privatisation) of Ordnance factory board.
She further announced that FDI limit in the defence manufacturing under automatic route will be raised from 49% to 74%. Time-bound defence procurement process & faster decision making will be ushered.
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