Won't allow damage to national interest: Parrikar on FDI

FDI is not allowed where there is a direct competition to the Indian industry, says Parrikar

With an RSS affiliate-body vehemently opposing the NDA government's policy on Foreign Direct Investment, Defence Minister Manohar Parrikar on Tuesday said there would be no damage to the national interest and each such case was being viewed rationally.

Manohar Parikkar

He said Foreign Direct Investment (FDI) is not allowed in those sectors where there is a direct competition to the Indian industry.

"We will take the concerns into consideration and will not damage any national interest. We are not doing (it) irrationally and studying every case. Where there is competition in defence, we have said no to 100 per cent FDI," Parrikar said when asked about the opposition of RSS-affiliated Swadeshi Jagran Manch (SJM) to the policy.

A case in point, he said, was manufacturing of stents, where FDI is not permitted.

"But the route is open. If someone comes to manufacture an engine, whose technology is not with us, I will definitely consider it. I will welcome FDI in (such) areas.

"But by letting it (technology transfer through FDI) hanging in balance, and importing (the equipment) does not make sense," Parrikar said.

Apart from its opposition to FDI, the SJM has also locked horns with the Central government over the commercial release of genetically modified crops.