Reform measures in defence sector announced by Finance Minister Nirmala Sitharaman to promote the domestic defence industry will help boost production and research in the military sector, said DRDO chairman Dr G Satheesh Reddy.
Calling it a major step towards self-reliance, the DRDO chief hailed the decision to ban imports of certain weapons and platforms, indigenisation of imported spares and budget allocation for indigenous capital procurement.
Sitharman, who held the defence portfolio in the first Narendra Modi-led government, announced the increase in Foreign Direct Investment (FDI) limit on defence from existing 49 per cent to 74 per cent.Read More…
