| Summary/Abstract |
India, the world’s biggest importer of weapons, has long been desperate to expand its indigenous
defence industry. It has not been easy. A “Make in India” defence policy was launched eight years
ago, followed in 2020 by “Atmanirbhar Bharat” (Self-reliant India), when the government raised
the maximum stake that could be held by foreigners in joint ventures in defence from 49% to 74%.However, by the start of last year, foreign direct investment in the defence industry had reached only $380m, against a target of $10bn by 2025.
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