India's Promise of Defense Funding Boost Fizzles

Despite the new administration’s plans to hike defense spending by 20 percent, funding will rise by only 2.3 percent above proposals announced by the outgoing government due to India’s sluggish economy. In addition, the government is boosting foreign direct investment (FDI) from 26 percent to 49 percent. Yet analysts say that since foreign investors lose out on the control that a 51 percent stake provides, the new FDI limit still won’t be lucrative for the overseas firms.

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