Fifty eight contracts worth over US$19 billion (INR 1,21563 CR) have been signed with foreign vendors for acquisition of defence equipment for the armed forces in the last three financial years, Indian government said Friday.
In information given by India's Minister of State for Defence Dr. Subhash Bhamre to the Parliament Friday, the government signed 18 contracts worth INR 11261.72 Crore in the year 2014-15, 17 contracts worth INR 29171.75 Crore in 2015-16 and 23 contracts worth INR 81129.62 Crore in 2016-17, with foreign vendors mainly from USA, Russia, Israel, UK, Germany, France and Sweden.
The government also signed three contracts worth INR 1579.21 Crore as of June 2017.
Bhamre said that the Indian government is taking measures for modernization of the Armed Forces, through inducting of new equipment and upgrading of existing equipment and systems. The modernization projects are progressed as per Services Capital Acquisition Plans and under the extant Defence Procurement Procedure.
Bhamre said last month in Parliament that foreign direct investment policy in defence sector has been gradually liberalised in the last two years to encourage defence indigenisation.
Bhamre had also said earlier this year that seven of the 37 contracts signed by India for the procurement of weapons and military platforms over the past two years were with Israel. This made the Jewish state India’s second biggest source for weapons after the United States, with nine contracts signed.