Top IAF officer seeks rethink over FDI policy in defence
New Delhi: A top IAF officer on Wednesday sought a rethink over government`s policy to have 26 per cent FDI in military sector, saying it was not attractive for foreign vendors.
As per the FDI policy, there is a cap of 26 per cent on FDI in defence sector.
"Now we have allowed 26 per cent FDI in defence sector. I do not think it is attractive for the foreign industry. Why do we restrict FDI, we need to ponder over it," IAF`s Director General, Flight Safety, Air Marshal PP Reddy said.
He was addressing a CII conference on energising aerospace sector in the country.
There have been several attempts in the recent past from within the Government to raise FDI limit in defence sector from 26 per cent to 49 per cent but Defence Minister A K Antony has taken a strong stand on the issue and not allowed it to be increased.
Talking about the opportunities for Indian defence sector, Reddy said India would spend Rs 9 lakh crore in next 15 years on modernisation of armed forces.
More from India
More from World
More from Sports
More from Entertaiment
- There will be earthquake if I speak on demonetisation: Rahul Gandhi
- Opposition observes 'black day' to mark one month of demonetisation
- Zee Media Exclusive: A reality check on public opinion on notes ban!
- Panel discussion on the decision of demonetisation
- Watch shocking visuals - Speeding car rams pedestrians in Kolkata, 3 killed
- Mongolia seeks India's financial aid, Chinese official media says it's 'insane'
- SC asks govt if demonetisation was confidential; to judge if policy unconstitutional
- OMG! Man punches Kangaroo in face to save dog – Watch video
- Disruption of Parliament not acceptable, for God's sake, do your job: President Pranab Mukherjee to MPs
- Aamir Khan as Mahavir Singh Phogat in 'Dangal' title track looks phenomenal!