Top IAF officer seeks rethink over FDI policy in defence

New Delhi: A top IAF officer on Wednesday sought a rethink over Defence Minister A K Antony’s policy to have 26 per cent FDI in military sector, saying it was not attractive for foreign vendors.
As per the FDI policy, there is a cap of 26 per cent on FDI in defence sector. “Now we have allowed 26 per cent FDI in defence sector. I do not think it is attractive for the foreign industry. Why do we restrict FDI, we need to ponder over it,” IAF’s Director General, Flight Safety, Air Marshal PP Reddy said.
There have been several attempts in the recent past from within the Government to raise FDI limit in defence sector from 26 per cent to 49 per cent but Antony has not allowed it to be increased. (PTI)