ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Sitharaman assures defence firms over licensing, tax concerns

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

Defence Minister Nirmala Sitharaman today issued directions to officials for addressing top military firms' concerns over licensing and tax issues and reiterated the government's commitment to facilitating private sector's participation in defence manufacturing.

Sitharaman discussed various issues relating to implementation of the government's 'Make in India' initiative in the defence sector with representatives of industry chamber Confederation of Indian Industry (CII), including top executives of a number of Indian and foreign defence firms.

The defence minister issued directions to the team of officers headed by the Defence Secretary for time-bound action on key issues raised at the round table, including the resolution of licensing with the Home Ministry, tax-related matters with the Finance Ministry and commercialisation of technologies developed by the Defence Research and Development Organisation (DRDO), the defence ministry said in a statement.

It said a wide range of issues, including matters relating to licensing, taxes and duties and ways to speed up the procurement processes were discussed at the meeting.

Ways to streamline the offsets regime and creation of a tiered defence industrial ecosystem with full integration and skilling of manpower in the Micro, Small and Medium Enterprises sector were also deliberated upon during the meeting.

Sitharaman conveyed to the top executives of the private defence industry that the government was "fully committed" to removing all the stumbling blocks and facilitating private participation in defence manufacturing with the objective of bringing high value foreign investment into the sector, officials said.

She told them that focus of the initiative is to ensure self-reliance in meeting the country's defence needs and that the government will provide a level playing field to the industry.

Sitharaman also asked the officials to ensure timely conclusion of procurement proposals.

In May, the government had unveiled the strategic partnership model under which select private firms will be roped in to build military platforms such as submarines and fighter jets in India in partnership with foreign entities.

"The present government has taken a series of significant policy initiatives, including promulgation of DPP (defence procurement procedure) 2016 which gives highest priority to indigenous design and manufacture of defence equipment, introduction of Strategic Partnership model, liberalisation of FDI norms and providing a level-playing to private industry," the defence ministry said.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Sat, Oct 28, 2017
06:59 pm
PTI
RELATED NEWS
GST Council to meet on February 18 GST Council to meet on February 18
No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says No timeline to remove old tax regime, Revenue Secretary Sanjay Malhotra says
RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll RBI to hike repo rate by 25 bps in February, ending tightening cycle: Reuters poll
Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis Pakistan raises petrol price by Rs 35, pushing retail cost to a whopping Rs 249.80 per litre amid severe food, energy crisis
Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan? Budget 2023: Why budget's printing was shifted to North Block from Rashtrapati Bhavan?

LATEST NEWS

ITC Dividend 2023: Check record date, ex-date and payment date | ITC Share Price NSE Target

Pakistan's rupee continues speedy crash against US dollar, suffers another big fall

Vani Jayaram, veteran playback singer, dies at 77

Gold Price Today (February 4): Yellow metal dips over Rs 2,500 from record high - Check rate in Delhi, Mumbai and other cities

Pathaan Box Office Collection: Shah Rukh Khan-starrer raises Rs 729 crore worldwide - Check domestic collection after Day 10| OTT release date here

SBI's total exposure to Adani Group at Rs 27,000 crore; none against shares: Chairman Dinesh Khara

Govt proposes changes in income tax law for startups: Here's how it will help sector to boom, top official explains

Lupin's subsidiary recalls over 5,500 skin treatment ointments from US amid manufacturing issue

JBM Group to foray into electric bus markets of THESE 6 states - check list here

Sidharth Malhotra and Kiara Advani wedding: Did Bollywood couple sell their marriage film rights to THIS streaming platform?

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV