Defence Industries Attract $0.21 Million FDI During April- September 2018

0
68

In 2016-17, the industries in the sector failed to attract FDI, according to the data provided by Minister of State for Commerce and Industry C R Chaudhary in his written reply to the Lok Sabha.

Defence industries have attracted a meagre $0.21 million foreign direct investment (FDI) during April-September 2018, Parliament was informed on February 11. In 2014-15, 2015-16 and 2017-18, defence industries received $0.08 million, $0.10 million and $0.01 million foreign inflows, respectively.

In 2016-17, the industries in the sector failed to attract FDI, according to the data provided by Minister of State for Commerce and Industry C R Chaudhary in his written reply to the Lok Sabha.

India imports 70 percent of its military hardware from various countries.

Overall, FDI in the country dipped 11 percent to $22.66 billion during April-September this fiscal.

In 2017-18 also, the growth rate of foreign direct investment recorded a five-year low of 3 percent at $44.85 billion.

In a separate reply, the minister said funds provided to Invest India have increased to Rs 33,19,42,631 in 2018-19 as against Rs 1,18,78,380 in 2013-14.

Invest India, a non-profit company, acts as a national investment promotion and facilitation agency. The current shareholding pattern of Invest India is 51 percent of industry associations (FICCI, CII and ASSOCHAMM) and the remaining 49 percent of central and state governments.




Defence Industries Attract $0.21 Million FDI During April- September 2018