Union Finance Minister Nirmala Sitharaman on Saturday said that the government will notify a list of weapons for a ban on import with year-wise timelines. She said the move will make India more self-reliant in defence production.
“There will be indigenisation of imported spares,” she stated.
Foreign Direct Investment limit in defence manufacturing under automatic route has been raised from 49% to 74%, the finance minister said on Saturday.
The finance minister said that there will a separate budget provisioning for domestic capital procurement. “This will help reduce huge import bill,” she noted.
This came as part of the finance minister’s announcements on structural reforms proposed in eight sectors – coal, minerals defence production, airspace management, MROs power distribution companies, space sectors, atomic energy.
Sitharaman said that the fourth day of the announcements on the stimulus package will focus primarily on “structural reforms” in these sectors.
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