Since the government liberalised Foreign Direct Investment in the defence sector, nearly Rs 4,000 crore of FDI has come in this sector.
India’s defence export is likely to double to Rs 10,000 crore by the end of the current financial year, Secretary of Defence Production Ajay Kumar said at a recent industry event.
PTI reported that Kumar attributed the growth in defence export as a result of government’s reforms, which made it easier for private companies to enter the defence sector.
He further stated that one of the reforms that government has done is making the entry into the defence (sector) simpler, for nearly two third of the items have been made licence-free, especially on the component side. He said the current government’s endeavour was to add a bridge between the start-up and the defence forces.
Commenting on FDI, Kumar said that since the government liberalised Foreign Direct Investment in the defence sector, nearly Rs 4,000 crore of FDI has come in this sector. He was optimistic that there are great opportunities to grow strong in the defence ecosystem and India has strong partnerships, discussions going on in various countries for the same.