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Defence industries attract meagre $0.21 million FDI during Apr-Sept 2018

In 2014-15, 2015-16 and 2017-18, defence industries received $0.08 million, $0.10 million and $0.01 million foreign inflows, respectively

Press Trust of India  |  New Delhi 

Defence industries attract USD 0.21 mn FDI during Apr-Sept 2018

Defence industries have attracted a meagre $0.21 million (FDI) during April-September 2018, Parliament was informed on Monday.

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 in his written reply to the Lok Sabha.

India imports 70 per cent of its military hardware from various countries.

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

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In 2017-18 also, the growth rate of recorded a five-year low of 3 per cent 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 per cent of industry associations (Ficci, and Assocham) and the remaining 49 per cent of central and state governments.

First Published: Mon, February 11 2019. 15:30 IST
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