India permits up to 74 per cent FDI in defence manufacturing, says Modi

New Delhi, Aug 27: Prime Minister Narendra Modi on Thursday addressed 'Atmanirbhar Bharat Defence Industry Outreach Webinar' through video conferencing. During the conference, PM Modi said that the government has taken a decision to permit up to 74 per cent FDI in the defence manufacturing through automatic route.

The Prime Minister said that a decision has been taken to permit up to 74 per cent Foreign Direct Investment in the defence manufacturing through automatic route.

"For many yrs, India has been one of the biggest defence importers. When India got independence, it had great capability in defence manufacturing & an ecosystem of defence manufacturing established over 100 yrs. Unfortunately, this subject couldn't get requisite attention," the Prime Minister said.

Noting the efforts towards the country's defence production in developing new technology to give a big role to the private players in the sector, he said that the import embargo on certain defence equipment was aimed at giving a boost to the Indian defence industry.

"Our resolve for 'Aatmanirbhar Bharat' is not inward-looking, but for making India capable and boosting global peace & economy," Modi said.

Meanwhile, Union Defence Minister Rajnath Singh said that the government aims to become self-reliant to contribute to the world in a better way.