Business

FDI in Naval Warship Building Industry Gets Much Needed Boost

FDI in Naval Warship Building Industry Gets Much Needed Boost

FDI in Naval Warship Building Industry Gets Much Needed Boost

New Delhi: Navy has achieved considerable lead in construction of indigenous naval warships. Warship building has matured in the country and various types of warships viz. aircraft carrier, destroyers, stealth frigates, corvettes, submarines and other minor war vessels are being built in the country. Currently, all orders for warships and submarines for Indian Navy have been placed on Indian shipyards (i.e. on Defence PSU / PSU / private shipyards).

Foreign Investment upto 49% is allowed through automatic route and above 49% under Government route, wherever it is likely to result in access to modern technology or for other reasons to be recorded. So far, 36 FDI proposals / Joint Ventures have been approved in defence industry sector for manufacture of various licensable defence items, both in public and private sector.

This information was given by Defence Minister Shri Manohar Parrikar in a written reply to Dr. R Lakshmanan in Rajya Sabha today.

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