India Will Stop Importing Weapons That Can Be Manufactured Locally: N Sitharaman
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The
Union Finance Minister, Nirmala Sitharaman, said that India would stop
importing weapons that could be manufactured or made in India in India.
Sitharaman said that the foreign
companies would be able to invest maximum up to 74% in Defense manufacturing in
India and up from 49%.
The Union Finance Minister was speaking
on the fourth day of the mega reform and relief announcements amid the coronavirus
pandemic. The higher foreign direct investment (FDI) limit on defense
manufacturing is under the automatic route, for which government approval is
not required, Sitharaman added.
"We will notify a list of weapons and platforms for ban on their imports and fix deadlines to do it”, the FM said adding that this move would improve self-reliance on defense manufacturing of the country. Besides, this list will be increased every year”, Sitharaman said.
"Apart from helping to reduce the defense huge amounts of import bill, it would promote local manufacturers of weapons”, She added.
The FM stressed, "We will work to improve autonomy, accountability and efficiency of OFB by corporatisation and not privatization”. The Ordnance Factory Board or OFB that makes weapons for the country's military will be made more professional. The OBF runs 41 factories in 24 locations across the country. Sitharaman said, “All these would be made more realistic that matches with the needs. Weapon trial and testing procedures will also be overhauled”.
