Unveiling the fourth tranche of government's Rs 20 lakh crore special economic stimulus package on Saturday, Finance Minister Nirmala Sitharaman raised the Foreign Direct Investment (FDI) in defence manufacturing through automatic route to 74% from 49%.
She also announced several other measures to make defence production self-reliant in India.
FM Sitharaman stressed that the government will focus on making defence production autonomous in the country under in sync with Make in India.
The Finance Minister also said that certain weapons would be banned for imports with year wise timelines, adding that defence procurement would be time-bound with an overhaul in the trial and testing procedures.
She stated that these steps will improve autonomy, accountability and efficiency in the defence sector.
FM Sitharaman has already announced three phases of relief measures for agriculture, MSMEs, migrant workers and individuals, among other ailing segments in the wake of coronavirus-induced lockdown.
On Friday, the Finance Minister announced Rs 1 lakh crore financial assistance to fund agriculture infrastructure projects. She also announced three major reforms in the agricultural sector - amendments to Essential Commodities Act to enable better price realisation for farmers, agricultural marketing reforms to provide marketing choices to farmers and agriculture produce price and quality assurance.
The second tranche of the Rs 20 lakh crore stimulus package was announced with a focus on migrant workers, street vendors, small traders, self-employed people and small farmers.
FM Sitharaman has been unveiling details of the economic relief package announced by PM Modi during his address to the nation on May 12, vowing to make the country 'Aatma Nirbhar' or self-reliant.