Policy & Government

Government likely to issue draft defence production and export promotion policy soon

A draft defence production and export promotion policy is likely to be issued within a month, the Centre said on Tuesday, noting that this will give a major push to the ‘Make in India’ programme.

“We are currently in the process of drafting the defence production and export promotion policy and hopefully, within a month or so, we would like to put it in public domain for seeking your feedback and comments which will be covering all aspects of what the finance minister announced on 16th of May,” Defence Production Secretary Raj Kumar said at a webinar attended by various defence companies.

On May 16, Finance Minister Nirmala Sitharaman had announced a series of initiatives to promote indigenous defence production which included making separate budgetary outlay to procure Indian-made military hardware, increasing FDI limit from 49 per cent to 74 per cent under the automatic route and generating a year-wise negative list of weapons whose import won’t be allowed.

Kumar said that in “addition to indigenisation, to give a push to ‘Make in India’, to seek substitute of imported items, all those and number of those other similar things will be there as a part of the defence production and export promotion policy”.

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ET News
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