Financial Daily from THE HINDU group of publications
Tuesday, Feb 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 08, 2005 |
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Government
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Security Industry & Economy - Foreign Direct Investment `26 pc FDI in defence sector to stay' Our Bureau
Bangalore, Feb. 7 THE Defence Minister, Mr Pranab Mukherjee, who opened the seminar earlier, welcomed private sector role in defence projects. Already, over Rs 10,000 crore has been invested in indigenous projects such as the LCA, the Kaveri engine and the airborne early warning aircraft systems. "We would like to encourage joint participation in our defence systems development, testing and manufacturing efforts, as long as the economics of such joint ventures are mutually beneficial." Education and training in aerospace should also get adequate focus, he said. The 26-per cent FDI in the defence sector as announced earlier would stay, Mr Mukherjee told newspersons later. Some 73 per cent of this year's defence budget has already been spent till December 2004, he said. The biannual seminar organised by the DRDO and Aeronautical Society of India has attracted 900 delegates.
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