Govt Defining State-of-the-art Technology to Attract Defence FDI
The move will make approval process smoother and boost defence manufacturing in the country.
The government is working on guidelines to define “state-of-the-art” technology to help Foreign Direct Investment (FDI) in the defence sector, reports The Economic Times.
The government is receiving applications from various firms in various sector for FDI above 49 percent.
The guidelines will be aimed at making the process of application transparent and leave no room for discretion.
Earlier this week, the government rejected tech-giant Apple’s application for setting up stores in India as the company sought exemption from a 30 percent local sourcing norm.
The Foreign Investment Promotion Board has also received an application from DCNS, a French submarine maker.
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