FDI in defence will make India an 'export' hub: Manohar Parrikar
Last week, it was announced that up to 100 per cent FDI would be allowed in defence sector.
Read: 100 per cent FDI in defence need of the hour: M Venkaiah Naidu
"The government has taken a big step in defence sector by increasing FDI. This has been done so that
"When our government came to power, import was 70 percent. Now, import has come down to below 60 percent. I can assure that by the time this government ends its first term, we will be able to bring down our imports to 40 percent," he added.
Last week, it was announced that 100 percent FDI would be permitted under government approval route for trading, including through e-commerce in respect of food products manufactured or produced in
The key changes include allowing 100 percent FDI under government approval route for trading, including through e-commerce, in respect of food products manufactured or produced in
Read: Will oppose FDI in defence in Parliament, says Congress
The other sectors that have benefitted include the broadcasting, pharmaceuticals, civil aviation, single brand retail among others.
The ruling BJP-led NDA Government has brought major FDI policy reforms in a number of sectors like defence, construction development, insurance, pension sector, broadcasting sector, tea, coffee, rubber, among others in last two years.
The FDI inflow into the country has increased at USD 55.46 billion in 2015-16 as against USD 36.04 billion during 2013-14.
This is the highest ever FDI inflow for a particular financial year.