India is continuing its budget work to resolve the economic stagnation. New Delhi has introduced new terms and obligations for the defence sector. Global firms will now be able to invest 74 percent in the country's defence sector without the need for government approval. Finance Minister Nirmala Sitharaman said the new policy aims to attract the attention of global companies to participate in production activities in India. On the other hand, India will stop importing weapons that can be produce in the country.
India, which has a high share of the defence procurement budget worldwide, announced at the beginning of May that it would switch to austerity policy. With the developments, New Delhi will focus on Indian-designed, developed and manufactured equipment.
