Arun Jaitley proposes 49% FDI in defence, Antony flays the idea
- 5 years ago
Attacking the NDA government for raising the FDI limit to 49 percent in the defence sector, former Defence Minister AK Antony today said that previous governments had overcome the "pressure tactics" of "lobbies" working for 100 percent FDI in the key area.
"I know a very strong lobby is working. Their demand is 100 percent FDI in defence. Successive governments since 1991 have overcome such pressure tactics. Their decision not to grant FDI beyond 26 percent in the defence sector was well thought out," said the senior Congress leader.
As part of the previous UPA government, Antony shot down several proposals from the Commerce Ministry to raise the FDI limit and stuck to the stand of allowing only up to 26 percent foreign investment in the military-industrial sector.
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"I know a very strong lobby is working. Their demand is 100 percent FDI in defence. Successive governments since 1991 have overcome such pressure tactics. Their decision not to grant FDI beyond 26 percent in the defence sector was well thought out," said the senior Congress leader.
As part of the previous UPA government, Antony shot down several proposals from the Commerce Ministry to raise the FDI limit and stuck to the stand of allowing only up to 26 percent foreign investment in the military-industrial sector.
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