July 16, 2013
Talk of pulling over the eyes. Minister of Commerce has announced 'state-of-the art' defense technology products asking for over 26% FDI would need clearance from CCS. Asked to define 'state of the art', the reporter was told to check with MoD.
As one official jokingly told Aerospace Diary- "Now the big Indian fish will rejoice and the small ones will mourn." Wonder what the OEMs are thinking!
So what has really changed? A case-to-case basis for FDI in defense upto 49% was already there.And we know how many OEMs learnt the hard way that it wasn't an easy hurdle to overcome.
Is this a case of the defense minister getting his way and a face saving for the rest?
So, are we back to square one?
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