India spent over Rs 442bn on procuring defence equipment
IRNA - Islamic Republic News Agency
New Delhi, Dec 19, IRNA -- India spent over Rs 4,42,000 crore (442 billion) in the last ten years on procuring defence equipment for the armed forces from both foreign and Indian players, Lok Sabha was informed today.
'The total expenditure on defense purchases by India during the years from 2001-02 to 2010-11 (revenue and capital) was Rs 4,426,070 million,' Defense Minister A. K. Antony said in reply to a written query.
In view of threat perception, India has made significant investments in upgrading and augmenting the armed forces as it recently signed deals worth billions of US dollars for procuring aircraft such as Hawk Advanced Jet Trainers, C-130J Super Hercules and C-17 strategic airlift transport aircraft, he said.
In the next five years, the Government is expected to spend another 100 billion US dollars on the modernization program of defense forces for procuring artillery howitzers, combat aircraft, armoured vehicles and upgrading existing inventory.
Antony said the procurements have been made from 'Indian private sector, public sector undertakings, Ordanance Factories and foreign sources.'
In reply to a query on defense shipyards, Minister of State for Defense M. M. Pallam Raju said, 'Formation of joint ventures has been put on hold till formulation of suitable guidelines regarding the manner in which JV partner can be selected.'
He said private shipyards are also being encouraged to participate in defence shipbuilding to meet the requirements of Navy and the Coast Guard.
Islamic Republic News Agency/IRNA NewsCode: 30721250
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