Eyes on defense deals, Western powers rush to court India's Modi
(Reuters) - Western governments are rushing to visit India's new Prime Minister Narendra Modi, drawn by the prospect of multi-billion-dollar deals as the government prepares to open the nascent defense industry to foreign investment.
Senior politicians from France, the United States and Britain arrive over the next few weeks as Modi prepares to accelerate the modernization of the country's mostly Soviet-era weaponry.
Modi intends to build up India's military capabilities and gradually turn the world's largest arms importer into a heavyweight manufacturer - a goal that has eluded every prime minister since independence in 1947.
On the table is a proposal circulated within the new government to raise caps on foreign investment - with one option to allow complete foreign ownership of some defense projects.
http://www.reuters.com/article/2014/06/29/us-india-defence-idUSKBN0F403P20140629?feedType=RSS&feedName=topNews