Defense industries have involved a meager $0.21 million foreign direct investment (FDI) during April-September 2018, Parliament was knowledgeable Monday.
In 2014-15, 2015-16 and 2017-18, defense industries received $0.08 million, $0.10 million and $0.01 million foreign inflows, respectively.
In 2016-17, the industry in the sector failed to attract FDI, according to the data provided by Minister of State for Commerce and Industry C R Chaudhary in his written reply to the Lok Sabha. India import 70% of its armed hardware from various countries. Overall, FDI in the country dipped 11% to $22.66 billion during April-September this fiscal.
In 2017-18 also, the growth rate of foreign direct investment recorded a five-year low of 3 percent at $44.85 billion.
In a separate reply, the minister said finances provide to Invest India have augmented to Rs 33, 19, 42,631 in 2018-19 as against Rs 1, 18, 78,380 in 2013-14.
Invest India, a non-profit company acts as a national investment encouragement and facilitation agency. The present shareholding pattern of Invest India is 51 percent of industry relations (Ficci, CII, and Assocham) and the remaining 49 percent of central and state governments.
