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of <h1>India Revises FDI Policy: Defense Sector Investments Up to 49% Allowed; Portfolio Investments Capped at 24% Equity.</h1> The circular addresses the revised Foreign Direct Investment (FDI) policy in India's defense sector. It allows FDI up to 49% under the government route, with portfolio investments capped at 24% of the investee company's equity. The Department of Industrial Policy and Promotion provided a list of defense items requiring no industrial license. Dual-use items, unless specified, also require no license. The Reserve Bank of India amended regulations to accommodate these changes, and authorized dealer banks are instructed to inform their clients. The circular is issued under the Foreign Exchange Management Act, 1999, without affecting other legal approvals.
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