Defence expert Bharat Verma on Friday welcomed the Union Government's decision to allow 100 percent Foreign Direct Investment (FDI)in defence and termed it a bold initiative to help make India a manufacturing hub in defence sector.
"Prime Minister Modi's bold move will change the whole scenario. It will meet our own military requirements. India will become hub of modern defence manufacturing," Verma said.
"Research and scientific knowledge will also come. It's going to bring in sunrise technologies. It will bring in the latest technologies. It will also start exporting planes to jointly countries. When FDI in defence happens, there is spin of civil industries. It will change the scenario of India in defence. It will force defence public sector to be more conversant. So this is a very bold and a positive step," he added.
The department of industrial policy and promotion (DIPP) has prepared a draft Cabinet note that proposes to allow up to 100 per cent foreign direct investment in defence as part of its plan to boost domestic manufacturing.
The move comes two days after Nirmala Sitharaman took charge as the new commerce and industry minister. Defence Minister Arun Jaitley had indicated on Tuesday after taking charge of the ministry that he would consider the issue of FDI in the sector.
Currently, only 26 per cent FDI is allowed in defence manufacturing, though the government can clear more foreign investments on a case-to-case basis.
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