Initial investment of $5 million, production to start by September
The new policy is aimed at providing a major leg-up to the proposed UP Defence Corridor, which is estimated to attract investment to the tune of Rs 20,000 crore
In 2014-15, 2015-16, and 2017-18, the sector attracted FDI worth $0.08 million, $0.10 million and $0.01 million, respectively, according to data given by Minister Piyush Goyal
The President further stated that Czech automaker Skoda, and its parent company, Volkswagen, have announced to invest $1 billion in India under the 'Make in India' initiative