New Delhi: Defence industries have attracted a meagre USD 0.21 million foreign direct investment (FDI) during April-September 2018, Parliament was informed on Monday.
In 2014-15, 2015-16 and 2017-18, defence industries received USD 0.08 million, USD 0.10 million and USD 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 per cent of its military hardware from various countries.
Overall, FDI in the country dipped 11 per cent to USD 22.66 billion during April-September this fiscal. In 2017-18 also, the growth rate of foreign direct investment recorded a five-year low of 3 per cent at USD 44.85 billion.
In a separate reply, the minister said funds provided to Invest India have increased to Rs 33,19,42,631 in 2018-19 as against Rs 1,18,78,380 in 2013-14. Invest India, a non-profit company, acts as a national investment promotion and facilitation agency.
The current shareholding pattern of Invest India is 51 per cent of industry associations (Ficci, CII and Assocham) and the remaining 49 per cent of central and state governments.