FDI limit in Defence sector increased from 49% to 74%

The FDI limit in the defence sector has been raised from 49% to 74%, announced Finance Minister, Nirmala Sitharaman in her third tranche of special economic package. "For self-reliance, make in India is absolutely necessary, particularly for the defence sector. We need to be self-reliant where we can be. A separate defence budget will also be given for procurement", added the Finance Minister.