India’s minister of state for defence, Subhash Bhamre, has revealed new statistics on defence-related foreign direct investment (FDI), indicating a potential increase against previously reported figures.
In comments to parliament on 11 February, Bhamre confirmed that the country’s defence sector attracted just INR11.6 million (USD162,849) in FDI over the past three years. This foreign investment, he said, was calculated under “three National Industrial Classification (NIC) codes [for the defence sector] as informed by the DIPP [Department of Industrial Policy and Promotion]”.
However, Bhamre went on to reveal that additional FDI – worth INR2.37 billion – has been received by six companies in the national “defence and aerospace sector since April 2014”.
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