Government to liberalise FDI in defence: President

The government announced Monday that it will liberalise foreign equity in defence production and will also encourage private investment in defence.

"Government to encourage private investments in defence production," President Pranab Mukherjee said addressing joint sitting of both houses of parliament.

He added that the government will also liberalise FDI (foreign direct investment) in defence production.

"With available human resources, India can emerge as global platform for defence," he said.

Mukherjee also said the armed forces will be modernised and manpower shortages addressed on priority.

A national maritime authority will also be set up.