Finance Minister Nirmala Sitharaman on Saturday announced that Foreign Direct Investment (FDI) limit in defence manufacturing under automatic route will be raised from 49 per cent to 74 per cent.
In the fourth tranche of Rs 20 lakh crore stimulus package, she also stated that time-bound defence procurement process and faster decision making will be ushered in by setting up of a Project Management Unit (PMU) to support contract management, a realistic setting of General Staff Qualitative Requirements (GSQRs) of weapons/platforms and overhauling trail and testing procedures.
Sitharaman, who was addressing media persons along with Minister of State for Finance Anurag Thakur and other senior officials of the ministry, said that a list of weapons/platforms for a ban on import with year-wise timelines will be notified and there will be indigenisation of imported spares.
( With inputs from ANI )