FDI increase in defence sector will attract foreign investment: Lt General DS Hooda

Retired Lt General DS Hooda said that announcements made by the Finance Minister Nirmala Sitharaman for the defence sector will bring in positive results in the indigenisation of the defence equipment. Hooda further said that increase in FDI will make India self-sufficient in producing required equipment and attract foreign investment.

Hyderabad(Telangana): Lt Gen (retd) D S Hooda said that the inaccuracies in the defense sector has made finance ministry corporatise the Ordinance factory Board. He said that the FDI increase in the defense sector will attract a lot of foreign investments and will help build an indigenous base for defense items

In an exclusive interview with ETV Bharat's News Editor Bilal Bhat, Lt Gen (retd) Gen Hooda explained as to what all the announcement mean in the defense language and believed that the convergence in the policy and implementation was missing which needs to be built for better results in the indigenisation of the defense equipment. He stated that some high equipments will keep importing till the country is ready for make them confidently to best standards.

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Finance ministry made many big amercements while announcing fourth tranche of the economic package which include ban on the imports in the defense which can be made in India, convergence of MRO’s and the increase in the FDI’s from 49 percent to 75 percent in defense.

He added, "India has been working on this model for a long time and the decision is not spontaneous. Policy and implementation has to have a close proximity and indigenous institutions have to evolve to an extent where they can confidently compete with the standards of export level equipment".