India flounders in attracting FDI in defence production, gets only Rs 1.17 crore in 4 years

India flounders in attracting FDI in defence production, gets only Rs 1.17 crore in 4 years

NEW DELHI: The country has attracted just Rs 1.17 crore as foreign direct investment in the defence production sector under the “Make in India” framework in the last four years despite the NDA government liberalising the FDI policy and abolishing the Foreign Investment Promotion Board.

“FDI of amount $0.18 million has been received in the defence industry sector from April 2014 to December 2017,” said junior defence minister Subhash Bhamre, in a written reply to Lok Sabha on Wednesday.

To put things in perspective, India in the same timeframe has inked 70 “capital procurement” contracts worth over Rs 1.25 lakh crore with foreign armament to acquire radars and missiles from Israel, aircraft and artillery guns from the US, fighters and ammunition from France, rockets and simulators from Russia.

Though Bhamre listed 18 cases of FDI and joint venture proposals approved by the government, the fact remains that the measly FD