Sharma may meet FM tomorrow on FDI in defence

April 30, 2013 17:34

Commerce and Industry Minister Anand Sharma is expected to discuss hiking of FDI cap in the defence sector as well as other issues related to foreign direct investment with Finance Minister P Chidambaram tomorrow.

"A meeting has been scheduled between both the ministers for tomorrow. The Commerce and Industry Minister may discuss the issue of increasing FDI ceiling in defence and on redefining FDI and FII," according to an official source.

Sharma is pitching for hiking FDI cap in defence to 49 per cent from the current 26 per cent. India is one of the largest defence importers in the world with a minuscule component of exports.

India at present imports over USD 8 billion worth of such equipment and its defence budget is growing at an average of 13.4 per cent annually since 2006-07.

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