After facing humiliating defeat in the Bihar assembly elections, Narendra Modi government on Tuesday allowed FDI through automatic route in 15 sectors including the construction, civil aviation, banking, defence, retail and news broadcasting.
Looking to tap opportunities in defence sector, diversified group Punj Lloyd plans to expand its Gwalior facility and will also explore setting up manufacturing units in various states with an investment kitty of up to Rs 2,000 crore.
India and Sweden on Monday agreed to re-start the bilateral strategic dialogue after a gap of four years besides finding ways for investment by the Nordic country in India's defence sector under the ambitious 'Make in India' initiative.
In the biggest deal in the defence sector, billionaire Anil Ambani-led Reliance Infrastructure Wednesday announced acquisition of controlling stake in Pipavav Defence and Offshore Engineering for up to Rs 2,082.3 crore.
With India pitching for self- reliance in defence sector, Chinese strategic analysts have cautioned the government about India's new arms potential especially its growing military cooperation with Vietnam and the Philippines in China's backyard.
India has invited Israel to become a partner in the 'Make in India' initiative in the defence sector even as the Jewish state expressed its desire to share cutting-edge weapons technologies with New Delhi.
With 'Make in India' campaign reverberating in Israel, India has asked the Jewish country to take advantage of the investment friendly policies of the new government and invest in strategic sectors like defence.
In order to reduce the dependence on import of defence equipment, the government decided to allow foreign direct investment in defence sector, Urban Development Minister M Venkaiah Naidu on Monday said here.
Noting that India is dependent on imports in several sectors including defence and health, Prime Minister Narendra Modi on Thursday asked the IITs to take up the challenge of developing products in these critical fields.