India’s defence sector received foreign direct investment (FDI) worth just USD0.18 million between April 2014 and December 2017, India’s Minister of State for Defence Subhash Bhamre said on 7 March.
In a parliamentary reply Bhamre gave no additional details, but the time frame is regarded as significant because it coincides with the start of the current administration’s tenure.
The government of Prime Minister Narendra Modi took office in May 2014 and introduced the ‘Make in India’ initiative, which is intended to spur advances in local manufacturing, a few months later.
FDI statistics published by the government’s Department of Industrial Policy and Promotion in December 2017 show that FDI up until that month was just USD5.12 million.
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