nirmala sitharaman tamil speech India eases Defence Foreign investment requirements

The Indian government has further eased the administrative requirements for foreign investors in the country’s defence sector.
The government-owned Reserve Bank of India (RBI) said in a recent notice that foreign defence companies will no longer require RBI approval to open in-country offices if they have won a contract or entered into a related agreement with a state entity such as a Defence Public Sector Undertaking (DPSU).
“Approval of the Reserve Bank of India is not required in cases where government approval or license/permission by the concerned ministry/regulator has already been granted,” said the RBI notice.
“In the case of … opening a project office relating to defence sector, no separate reference or approval of [the] government of India shall be required if the said non-resident applicant has been awarded a contract by/entered into an agreement with the Ministry of Defence or service headquarters or DPSU.”
The new notice is one of several reforms intended to encourage defence investors in India in recent years, the most prominent of which was introduced in 2016 and allowed proposals to proceed through the “automatic route” – or without government approval – if the investment was equal to 49% or below of a company’s equity. Such investors are, however, required to notify the RBI about the proposal. Security clearance from the MoD is also required.
Foreign direct investment (FDI) proposals in defence that require government approval feature those that exceed 49% of equity in a local entity. According to the rules, such proposals are also required to result in the transfers of “modern technology” to Indian industry. Guidelines introduced in 2017 also outlined new deadlines to accelerate the approval of FDI proposals that proceed through the government route.

nirmala sitharaman tamil speech India eases Defence Foreign investment requirements
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