FDI raised in Defence manufacturing: FM Sitharaman

Union Finance Minister Nirmala Sitharaman announced raise in FDI of Defence manufacturing, while unveiling fourth tranche of Rs 20 lakh crore stimulus package announced by Prime Minister Narendra Modi.

"Foreign Direct Investment limit in Defence manufacturing under automatic route is being raised from 49 percent to 74 percent ," said Finance Minister Nirmala Sitharaman.'MakeInIndia' for self-reliance in defence production - we will notify a list of weapons/platforms for ban on import with year wise timelines.

There will be indigenisation of imported spares," said Finance Minister.