The government of India has raised the cap on foreign direct investment (FDI) in the defence sector as part of wider efforts to spur indigenous industrial capability. Finance Minister Nirmala Sitharaman announced that the FDI limit would be increased from 49% to 74%. Other measures announced by Sitharaman include: the introduction of a list of defence equipment "banned for import"; a new separate expenditure for capital procurements; and the corporatisation of the state-owned Ordnance Factory Board (OFB) network.
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