PM Narendra Modi for foreign funds in defence
‘Efforts were on to expand the role of the private sector, even for major platforms’
Bengaluru: Prime Minister Narendra Modi, batting for further foreign investment in the defence sector said, “There is no longer a need to have a single Indian investor with at least a 51 per cent stake. Industrial licensing requirements have been eliminated for a number of items. Where it is needed, the process has been simplified.”
“We have to equip ourselves for the needs of the future, where technology will play a major role. As a nation of one billion people, we also have huge requirements for managing internal security,” he said.
The Prime Minister said efforts were on to expand the role of the private sector, even for major platforms.
“Our goal is to provide a level playing field for all. We speak in terms of national capacity, not public sector or private sector,” he said.