JOIN USReform measures to boost defence production in India: Niti Aayog
Niti Aayog vice chairman Rajiv Kumar on Saturday said the reform measures announced by the finance minister will play a major role in paving the way for an Aatma Nirbhar Bharart in defence production, strengthen India's self-reliance and boost Make in India.
Kumar further said that announcements will give a boost to the domestic aviation sector.
Niti Aayog CEO Amitabh Kant termed reforms announced by Finance Minister Nirmala Sitharaman as pathbreaking.
"Despite having massive resources of minerals and coal, we import (Rs) 5 lakh crore of minerals & (Rs) 1.7 lakh crore of Coal. We were totally import dependent. Commercial Coal mining & putting 500 mines for bidding is transformational," Kant said in a tweet.
In bold reforms aimed at boosting sagging economy, the government on Saturday announced an easing of limits on foreign direct investment in defence manufacturing, privatisation of six more airports, opening up of more air space and allowing private sector in commercial coal mining.
Also, the list of weapons that cannot be imported will be expanded to give Make-in-India a boost.
The private sector will also be involved in the Indian space programme, including in future projects for planetary exploration and outer space travel as well as satellite launches.
Announcing the fourth tranche of the economic stimulus package that largely dealt with reforms and almost negligible new investment, Sitharaman said foreign investors would be allowed to own up to a 74 per cent stake in defence manufacturing ventures under the automatic route, up from the current 49 per cent limit.
This would be subject to security clearance norms, she said.