May 16, 2020 / 11:26 AM / in 13 days

India to ease curbs on foreign investment in defence projects - minister

NEW DELHI, May 16 (Reuters) - India will ease limits on foreign direct investment in defence manufacturing, Finance Minister Nirmala Sitharaman said on Saturday, in a bid to bring more production into the country.

Under the plan, foreign investors would be able to own up to a 74% stake in defence manufacturing ventures, up from the current 49% limit, Nirmala Sitharaman told a news conference.

India would also expand the list of weapons that can not be imported, she added.

Reporting by Aftab Ahmed and Manoj Kumar; Editing by Andrew Heavens

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