Initial investment of $5 million, production to start by September
Commercial production expected to start in March 2020
The draft policy says the licensing process for defence industries will be liberalised and the list of items requiring licences will be reviewed and pruned
Odisha already has in place an ecosystem to facilitate the growth of aerospace and defence sectors in the state
Jaitley asked Russian firms to come with proposals for technology transfer to Indian companies
Many believe private Indian partners will be reduced to being assembly house of a foreign OEM
Lack of long-term contracts had choked off private investment in the sector
Jaitley, however, did not give additional details on the proposed policy
Jaitley said the Centre has made the initial policy changes while some more are being planned
Anil Ambani said India has relaxed foreign direct investment norms in the defence sector and hoped that Madhya Pradesh gets the benefits of the same