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Defence sector receives USD 1 mn of FDI in 3 years

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NEW DELHI (PTI): The defence sector received only US$ 1 million in terms FDI equity inflow in the last three years, the Lok Sabha has been informed.

In a written response to a question, Subhash Bhamre, Minister of State in the Defence Ministry, said that during the last three years and the current financial year, 34 FDI proposals were received for consideration of Foreign Investment Promotion Board (FIPB).

"Out of 34, 17 have been approved. The FDI equity inflow for April 2013-December 2016 in defence sector is US$ 1 million," Bhamre said.

The Minister said, 76 contracts involving Rs 1,30,664 crores have been signed with foreign vendors for capital procurement of various defence equipment including aircraft, rockets, tanks, helicopters, howitzers, missiles, simulators and ammunition.

The USA tops the list with 18 contracts, followed by 13 each by Russia and Israel, and seven by France.

Responding to another question, Bhamre said, the expenditure on purchase of defence equipment through imports for three services have been 34.30 per cent in 2015-16 and 41.60 per cent until December 2016.

He said, the share of domestic-public sector production to the total annual purchase during the said years is approximately 61.1 per cent.

The Minister added, the Defence Acquisition Council (DAC) accorded approval of 136 capital procurement cases estimated at Rs 4,00,714 crore during the last two financial years (2014-15 and 2015-16) and current year 2016-17 (up to January 2017), out of which 96 cases involving Rs 2,46,417 crore are under the Make in India category.

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Defence  FDI  India  Investment  
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