When I became Defence Minister in 2014, I made FDI 49 %: Arun Jaitley on Rafale Deal

Updated:3 months, 2 weeks ago IST

New Delhi, Aug 29 (ANI): In an exclusive interview with ANI, Union Finance Minister Arun Jaitley said that the Congress party's approach when it was in power for a long time was extremely retrograde. They will buy 100 per cent from foreign governments and companies but we will not allow India's private sector to manufacture, and, therefore, defence, for a long time, remained a prerogative of the public sector. Public sector did some good role, therefore, high exclusive technologies were only available with some of the most important foreign companies which were manufacturing in Russia, France, Germany or the United States. You have to enter into collaborations with them. During Atal Bihari Vajpayee's government, we opened up 26 per cent. Jaitley added that when he became Defence Minister in 2014, he made it 49 per cent (FDI). Even at 49 per cent many of them said why they should pass my exclusive technology and intellectual property to a company which is 51 per cent Indian.

Related Video