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| Allow more FDI in defence sector: |
| Allow more FDI in defence sector: IAF Vice Chief
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| INDIA
, 19-November-2009
4:35:47 AM |
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Suggesting that politicking was hampering defence requirements, IAF Vice Chief Air Marshal P K Barbora said on Thursday that private industry's participation be increased in the defence sector and India should be "bold enough" to allow more FDI in the area.
"We have to take steps...we need to be bold enough to invite Foreign Direct Investment (FDI), more so into defence use," he told a CII seminar on energising aviation sector in India.
At present, foreign companies are allowed to invest only 26 per cent in Indian companies. Some of the global defence giants such as BAE Systems had proposed to start a joint venture with Mahindra Defence Systems with 49 per cent stakes but it did not get government's approval.
Commenting on the politics over military purchases, Barbora said whatever defence requirements are cleared by the government, they are opposed by the opposition parties and the same happens when roles change and opposition sits in government.
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