According to the Cabinet decision taken on Wednesday, all procurement in India - for domestic or export markets - will be accepted as local sourcing
The commerce and industry ministry is working on a proposal that would be finalised soon and sent for Union Cabinet's approval
Foreign investment in strategic sectors main worry
According to the Annual Report 2018-19 of the DPIIT, foreign direct investments (FDI) worth $286 billion were received in the country in past five years
As many as six sectors, including defence industries, ports and coal production, have failed to attract any foreign direct investments during the April-December period of the current fiscal, Parliament was informed today. The other three sectors, which were not able to attract foreign inflows are - photographic raw film & paper, dye-stuffs and coir, according to the data shared by Minister of State for Commerce and Industry C R Chaudhary in a written reply to the Lok Sabha. Barring defence industries and dye-stuffs, the other four segments had not received any FDI in 2015-16 either. The government has relaxed FDI norms in several sectors, including defence, single brand retail and civil aviation, to attract foreign direct investment in the country. India imports 70 per cent of its military hardware from different countries. During April-December 2017-18, FDI into the country grew by a meagre 0.27 per cent to USD 35.94 billion.