48 pri­vate sec­tor de­fence projects ap­proved

Vayu Aerospace and Defence - - Aviation & Defence Inindia -

The Home Min­istry has re­port­edly given se­cu­rity clear­ances to 48 pri­vate sec­tor com­pa­nies in­vest­ing in the de­fence sec­tor, which clear­ance fol­lows ‘stream lin­ing’ of the se­cu­rity clear­ance mech­a­nism from May 2015. The gov­ern­ment ex­pects the do­mes­tic pri­vate share in de­fence bud­get to go up by 20% in four years from the present 5% af­ter lib­er­al­is­ing the FDI regime and ‘Make in In­dia’ ini­tia­tive. Ac­cord­ing to a se­nior of­fi­cial, the MHA has cleared around 1,200 ap­pli­ca­tions an­nu­ally over the last few years to pro­mote ‘Make in In­dia’. The min­istry also cleared for­eign in­vest­ments from the US, UK, Is­rael, Bel­gium, China and Ja­pan.

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