Policy & Government

74% FDI in defence | Notification soon, says Department of Defence Production official

The government is going to come out with a decision on 74% Foreign Direct Investment (FDI) in defence and a notification is likely in the next few days, according to V.L. Kantha Rao, Additional Secretary, Department of Defence Production.

Separately, the Defence Ministry said the second draft of the Defence Procurement Procedure (DPP) 2020, now renamed as the Defence Acquisition Procedure (DAP) 2020, was put out in public domain on Tuesday for comments from stakeholders and public.

On the target to indigenise spares and sub-assemblies of imported military hardware, Mr. Rao said, “We will try and do at least 900 items this year and we have a target of 5,000 items in five years.”

He was speaking at the Lockheed Martin – Society of Indian Defence Manufacturers suppliers conference.

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