New defence procurement policy to be launched soon
Source: Deepak Kumar The government on Monday announced that it will soon launch a new defence procurement policy in order to give a boost to the Prime Minister Narendra Modi-led “Make in India” initiative. “A lot has happened in the last one year. Some major decisions have been taken, especially in the defence sector. I think we will have a new defence procurement policy coming up soon,” said Amitabh Kant, Secretary of the Department of Industrial Policy & Promotion (DIPP). Speaking at the “Indo-German Business Roundtable” conference on Monday, Kant urged the German business delegation to increase investments in India and said the government was ready to relook the FDI rule and it could enhance FDI to 100% from 49% in cases of ...
Govt clears multi-billion dollar Indo-US deal for military helicopters
Source: PTI Ahead of Indian Prime Minister Narendra Modi's visit to the US, the Cabinet Committee on Security (CCS) on Tuesday cleared a multi-billion dollar deal for 22 Apache attack helicopters and 15 Chinook heavy-lift choppers with American aviation giant Boeing. “The deal for Apache and Chinook (helicopters) has been cleared,” government sources said. The CCS met after a Cabinet meeting, they said. Many in the defence sector had expected the deal, valued to be over $2.5 billion and pending since 2013 following finalisation of cost negotiations, to be signed during the visit of US Defence Secretary Ashton Carter in June this year. The deal for Apache is “a hybrid one”, with one contract to be signed with Boeing for the ...
Ministry of Food Processing and Industries announces 17 new Mega Food Parks
The Dollar Business Bureau The Ministry of Food Processing and Industries, announced setting up of 17 new Mega Food Parks (MFPs) acroos the country. The announcement came after earlier projects for setting up of these facilities were withdrawn. Out of these 17 fresh MFPs, seven projects will be approved by State government agencies from six States and the rest are expected to be taken up by private operators. In the total project cost that stands at Rs 2333 crore, the government’s grant is likely to be around Rs 850 crore and promoters’ contribution as equity and loan is around Rs 1,483 crore. This was informed by Sadhvi Niranjan Jyoti, Union Minister of State for Food Processing Industries on Tuesday. The ...
