Defence Minister Manohar Parrikar on Saturday reiterated that the Defence Procurement Policy (DPP) will be announced by the end of November or beginning of December.
Speaking at a panel discussion along with Union Minister for Coal and Power Piyush Goyal and Minister for Railway Suresh Prabhu on the second day of the Global Business Forum 2015 organised by IIT Bombay Allumni Association here, Mr. Parrikar said DPP would be announced by 2015 itself.
“Timing is not important for ‘Make in India’ and Foreign Direct Investment (FDI) in defence sector. We have started the process and money will flow when it is required. When you set up a unit that time issue of actual fund transfer comes in picture. Mere Expression of Interest for transfer of fund does not mean investment. There has to be actual ground work. We are working deeply with the industry. Done all the exercise and before the end of the year it would happen,’’ said Mr. Parrikar.
Denying that there was a trust deficit with foreign investors, Mr. Parrikar, said that though there was a trust deficit in the past, the biggest thrust point of the Defence policy would be how to reduce it entirely.
"I do not believe people have tendency to cheat if you trust them. Instead if you trust people they respond much more positively. We will be asking industry to keep its commitment. We will go by trust rather than mistrust," he said.
