On the sidelines of the meeting, the Raksha Rajya Mantri will hold bilateral meetings with participating Ministers of member countries and discuss defence cooperation matters to further strengthen the engagements. He will also interact with the Indian community in Accra during the visit
Finance Minister Nirmala Sitharaman on Saturday announced that FDI limit in defence manufacturing will be hiked to 74 per cent from 49 per cent.
The minister also said that some weapons and platforms will be banned for imports. These banned items can only be purchased from within the country, Sitharaman said.
The decision is taken with an aim to give a boost to government’s ‘Make in India’ in the sector of defence production.
Also, there will be indigenisation of some imported spares, she said adding separate budget provisioning for domestic capital procurement will be done which will reduce huge defence import bill.
Ordnance Factory Boards will be corporatised for better management and eventually get listed on the stock market, she said adding corporatisation is not privatisation.
For the time-bound defence procurement process and faster decision-making, project management unit (PMU) to support contract management will be set up.
The minister was presenting the fourth tranche of the 20 lakh crore investment, aimed to kick start the economy from the Covid-19 pandemic.