New Delhi, August 27: Prime Minister Narendra Modi, while addressing the 'Atmanirbhar Bharat Defence Industry Outreach Webinar', said the country will multiply its production capacities in the near future and emerge as a hub of defence manufacturing. In the event attended by industry leaders over video conference, Modi said the Centre is taking the requisite steps to increase foreign investment in the defence manufacturing sector. FDI in Defence Production Hiked From 49% to 74%, Ban on Certain Imports of Weapons.

"A decision has been taken to permit up to 74 percent FDI in the defence manufacturing through automatic route," Modi said, adding that the resolve to make India self-reliant in defence sector is not merely a slogan or a commitment made only on paper.

Update by ANI

Modi also suggested that the erstwhile governments in India were not able to pay requisite attention towards increasing the domestic defence manufacturing capability.

India is positioned to become a defence manufacturing hub, he said, adding that the agenda did not receive due attention in the past.

"For many years, India has been one of the biggest defence importers. When India got independence, it had great capability in defence manufacturing and an ecosystem of defence manufacturing established over 100 years. Unfortunately, this subject couldn't get requisite attention," Modi said.

(The above story first appeared on LatestLY on Aug 27, 2020 05:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).