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Boosting Defence Manufacturing: Focus On Make In India, Corporatisation Of OFB, Increasing FDI Limits And More
Swarajya Staff
May 16, 2020, 05:28 PM | Updated 05:28 PM IST
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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.
Enhancing Self Reliance in Defence Production : âMake in Indiaâ for #aatmanirbharbharart in Defence Production#AatmaNirbharEconomy pic.twitter.com/chVvwxUBsK
— PIB India #StayHome #StaySafe (@PIB_India) May 16, 2020
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.
FDI limit in the defence manufacturing under automatic route will be raised from 49% to 74%: #AatmanirbharBharart in Defence. #AatmaNirbharEconomy pic.twitter.com/4QFr5qjb8O
— PIB India #StayHome #StaySafe (@PIB_India) May 16, 2020
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