India will ease restrictions on the level of foreign ownership in defence manufacturing, Finance Minister Nirmala Sitharaman said on Saturday, in a move aimed at cutting down on imports.
FILE PHOTO: India's Finance Minister Nirmala Sitharaman attends a joint news conference with U.S. Treasury Secretary Steven Mnuchin in New Delhi, India, November 1, 2019. REUTERS/Adnan Abidi/File Photo
Under the plan, foreign investors would be able to own a stake of up to 74% in defence manufacturing ventures, up from the 49% limit now, Sitharaman told a news conference. The increase in foreign investments would help reduce a “huge defence import bill” and make India self-reliant in defence production, she said, adding India would also expand the list of weapons that could not be imported.
The move would give a major “incentive to foreign defence manufacturers who want to retain control” in the joint ventures, said Atul Pandey, a partner at India law firm Khaitan & Co, that advises defence firms.
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