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CII, Pipavav back 100% FDI in defence

Tata, Reliance and Mahindra are non-committal on allowing 100% FDI in the sector

BS Reporter  |  Mumbai 

A day after some Indian spoke out against 100 per cent foreign direct investment (FDI) in the sector, the Confederation of Indian Industry (CII) and BSE-listed have endorsed the Modi government's reported move to allow it.

said was directly linked with core national priorities such as raising manufacturing growth to 25 per cent of the gross domestic product, significant job creation and bringing high-end technology into the country. The associated benefits are the spinoffs for the civilian market. "Opening various sectors have helped Indian industry grow and become globally competitive," said Ajay Shriram, president,

On Monday, L&T said 100 per cent should not be allowed in India unless backed by transfer of technology and giving access to Indian in foreign markets. Tata, and were non-committal on allowing 100 per cent in the sector.

"We welcome 100 per cent FDI in as it will help India to get crucial technology to build our own capabilities," said Nikhil Gandhi, chairman of Defence. has invested Rs 8,000 crore to set up a state-of-the-art shipyard in Gujarat to construct ships for Indian navy and coast guard.

First Published: Wed, June 11 2014. 00:40 IST