Can FDIs be allowed in defence sector?

Member of YSRCP Central Governing Council, Ummareddy Venkateswarlu, opposed the proposal of hiking the limit of foreign direct investments (FDIs) in defence sector to 49 percent.

He expressed the opinion that allowing the FDIs in defence sector is very dangerous.

Union Finance Minister Arun Jaitley proposed the same in his budget presented in Parliament on Thursday to give a boost to the manufacturing sector and decreasing the dependency on imports in defence sector.

Ummareddy said that there is no mention of loan waiver of farmers in Andhra Pradesh in the union budget.

“Further, there is no mention of national status for Polavaram project,” said the former union minister.

“Union government is silent on Andhra Pradesh’s budget deficit of Rs.15,900 crores,” said Ummareddy.

He also said that there is no mention of metro rail between Vijayawada-Guntur-Tenali cities.

- Sakshipost