Union Minister Piyush Goyal welcomes PM’s decision to amend FDI policy in Defence sector says it will enhance self-reliance and promote national interest

The Commerce and Industry Minister Piyush Goyal today said that he welcomes the Prime Minister’s decision to amend FDI policy in the defence sector. In a tweet, the Union Minister said that FDI will now be allowed up to 74% through automatic route and more via Government route which will enhance the Ease of Doing Business and contribute to the growth of investment.

The Commerce and Industry Minister Piyush Goyal today said that he welcomes the Prime Minister’s decision to amend FDI policy in the defence sector. In a tweet, the Union Minister said that FDI will now be allowed up to 74% through automatic route and more via Government route which will enhance the Ease of Doing Business and contribute to the growth of investment, income and employment.

The amendment also proposes that the Foreign investment will be subject to security clearance by the Ministry of Home Affairs on grounds of national security and will protect the national interest.

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The minister also mentioned in his tweets that the amendments which are in line with the Aatmanirbhar Bharat will enhance self-reliance in defence production.

In a major push for ‘Make in India’ for the defence sector, Finance Minister Nirmala Sitharaman had announced raising the Foreign Direct Investment (FDI) limit in the defence sector under the automatic route from 49% to 74% on May 16 this year.