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defence policy

India approves new defence policy to boost local companies

NEW DELHI: India's cabinet on Wednesday approved a long-awaited policy to boost local manufacturing of high-tech defence equipment and cut down reliance on expensive imports. Under the new Strategic Partnership model, the government will pick Indian companies to tie up with foreign organisations to manufacture fighter jets, armoured vehicles, helicopters and submarines locally. Prime Minister Narendra Modi's government has raised the limit on foreign investment in the defence sector and encouraged tie-ups between…