While addressing an event on 'Atmanirbhar Bharat Defence Industry Outreach' through video conference, Prime Minister Narendra Modi said that 'a decision has been taken to permit up to 74 per cent FDI in the defence manufacturing through automatic route.'
Speaking at the webinar, PM Modi added that 'when India got independence, it had great capability in defence manufacturing and an ecosystem of defence manufacturing established over 100 years. Unfortunately, this subject couldn't get requisite attention.'
'We aim to increase defence manufacturing in India.' the prime minister further added on Thursday.
'Aatmanirbhar Bharat' was the centrepiece of Prime Minister Narendra Modi's Independence Day addressas well. PM Modi gave a call for reducing imports and pushing exports of finished products in place raw material, saying the country will have to move forward with the mantra of 'Make in India' as well as 'Make for World'.
(Inputs from ANI)