Easing FDI in defence to attract investments

New Delhi: VARIOUS projects are expected to come in the defence production as the government has liberalised foreign direct investment (FDI) norms in the sector, a top official said on Friday.

The FDI limit in the defence manufacturing under automatic route has now been raised to 74 per cent from 49 per cent. "Our FDI regime is most liberalised in the world.

FDI in defence production has been liberalised and I expect this to be a major game-changer in India and lots of investments coming into the defence production.

We see a lot of projects coming in the sector," Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Guruprasad Mohapatra told reporters here. Mohapatra also said the government has proposed hiking FDI cap in the insurance sector in the Budget.