Latest News | Licensing Committee to Meet on June 12 to Consider Eight Proposals from Defence Sector

New Delhi, Jun 10 (PTI) An inter-ministerial licensing committee, chaired by Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Guruprasad Mohapatra, will meet on June 12 to consider eight proposals from the defence sector.

The applicants include Aditya Precitech, Concord Helmet and Safety Products, Kinetix Engineering Solutions, Kalyani Strategic Systems and Economic Explosives, according to DPIIT.

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To attract foreign direct investment (FDI) and boost defence manufacturing in the country, which imports up to 70 per cent of its military hardware, the government had earlier relaxed the FDI policy.

Last month also, the government said it will relax foreign direct investment norms in defence manufacturing by allowing 74 per cent FDI under the automatic route with a view to attracting overseas players in the sector.

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According to the current FDI policy, 100 per cent overseas investments are permitted in the defence industry -- 49 per cent under the automatic route, while beyond that government approval is required.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)