By Vivek Raghuvanshi
NEW DELHI — Indian industry has called for raising the limit on Foreign Direct Investment (FDI) in the defense sector from the current 26 percent to 100 percent.
The industry’s lobbying agency, the Associated Chambers of Commerce and Industry, said March 23 that increasing the limit on FDI will spur foreign defense companies to provide both capital and technology to India.
The 26 percent cap on FDI has kept away both capital and technology, Secretary General D.S. Rawat said. “We must reconsider the cap. There is no reason why we should have one at all and not allow 100 percent FDI,” Rawat said.
Read the full story at DefenseNews