India has welcomed its first aerospace joint venture (JV)
under a revised foreign direct investment (FDI) policy, as the
country celebrates 25 years of economic liberalisation.
Hyderabad-based Tata Advanced Systems became the first
Indian corporate to have set up a JV with Boeing on November 23
of last year. The deal has been a litmus test of the Modi
government’s resolve to deregulate the
world’s seventh largest economy, with inward FDI
caps having been adjusted from 26% to 49% in 2014.
As one of the world’s biggest importers of
arms, with a total expenditure of $4.24 billion recorded by the
World Bank in 2014, India has traditionally imposed...