Defense industries have attracted a meagre $0.21 million foreign direct investment (FDI) during April-September 2018, Parliament was informed on February 11. In 2014-15, 2015-16 and 2017-18, defence industries received $0.08 million, $0.10 million and $0.01 million foreign inflows, respectively.
In 2016-17, the industries in the sector failed to attract FDI, according to the data provided by Minister of State for Commerce and Industry C R Chaudhary in his written reply to the Lok Sabha.
India imports 70 percent of its military hardware from various countries.Overall, FDI in the country dipped 11 percent to $22.66 billion during April-September this fiscal.
Invest India, a non-profit company, acts as a national investment promotion and facilitation agency. The current shareholding pattern of Invest India is 51 percent of industry associations (Ficci, CII and Assocham) and the remaining 49 percent of central and state governments.