Indian Finance Minister Arun Jaitley announced today that the government would allocate a budgetary estimate of INR 2.46 trillion (US$40.02 billion) in defense sector for the fiscal 2015-16.
"So far we have been dependent on imports with attendant to ample spinoffs. Our government is already permitted FDI in defense so that Indian controlled entities also become manufacturers of Defense equipment not only for us but for export," Jaitley said while presenting Union Budget for the financial year 2015-16.
"We are thus pursuing the 'Make in India' policy to achieve greater self-sufficiency in the area of defense equipment, including aircraft. We have been both transparent and quick in making defense equipment related purchase decisions. This year keeping our defense forces ready for any eventuality," he added.
The defense budget emphasizes greater focus on indigenous capabilities with relatively better allocation to DRDO, OFB and creation of initial corpus for technology development fund to assist SMEs.
Jaitley had allocated INR 2.29 trillion ($41.66 Billion) for the defense spending for the fiscal year 2014-15.
India and Israel might soon start building a Medium Range Surface to Air Missile (MRSAM) system for the Indian Army in a bid to replace Russian-made air defense systems. "The Army has urgent requirement for one regiment (18 systems) of MRSAMs at worth of $1
Indian Government will be funding its first “Make” contract that involves two private consortia (BEL-Rolta and Tata Power and L&T) for a battlefield management system development project of the Indian armed forces. The government will be funding 80 percent of the prototype cost and the remaining 20 percent will have to be borne by the consortia
Bharat Electronics Limited (BEL) and Rolta India announced today that their consortium has been selected for the $8.01 billion (INR 50,000 Crore) Battlefield Management System (BMS) development project by Indian Defense Forces
India might consider acquiring four warships from Russias Yantar shipyard, which has built six frigates for the Indian Navy, Ria Novosti quoted the Shipyards chief Oleg Shumakov as saying on Wednesday. "We will explore the possibility of new orders to build [vessels] for the Indian fleet
Indian government intends to purchase 22 Harpoon missiles for Indian Navys Shishumar Class submarines from US costing an approximate $200 million, Stratpost reported today. India has so far ordered 26 missiles for the eight P-8I Long Range Maritime Reconnaissance (LRMR) aircraft at an estimated $200 million that will be integrated by Boeing and 24 missiles for the Indian Air Force (IAF) Jaguar aircraft for $170 million integrated by Hindustan Aeronautics Limited (HAL)
Offset policy, delay in procurement process and over-regulated Defense procurement policy (DPP) and many other issues have hindered make in India program. Talking during a panel discussion on 'Make in India' energizing A&D manufacturing sector as part of the Aerospace and Defense Summit (ADMS-2015) in Bangalore on Saturday, Rajeev Sikka, CEO Sika Interplant systems said, “Make in India initiative requires a lot of unlearning as we have always had a non-regulatory environment in the defense sector so far
A high-powered ministry of defence (MoD) panel has recommended to remove low credit-rated and debt-ridden companies from the major defence projects under 'Make in India'. Even though the companies are shortlisted and are in the prominent position now, this recommendation can disqualify some of them from the defence manufacturing plans, Economic Times reported today
The Israeli Ministry of Defense released data Thursday which indicates that Israeli defense sales last year plunged to their lowest point in seven years, with about $5.66 billion in new contracts signed in 2014
Indian defense procurement procedure (DPP) will undergo a major changes pertaining to exports, offset, level playing field, agents and black listing policy and is likely to be completed by June, Times of India reported Monday. Indian Defense Minister, Manohar Parrikar, on Monday speaking to media persons in Goa said that the MoD has already set up a committee to revive the DPP
India's Defense Acquisition Council (DAC) has awarded INR 30,000 crore (US$4.8 billion) contract for 12 mine countermeasure vessels (MCMV) or minesweepers to Goa Shipyard
Indias INR 50,000 crore (US$8.01 billion) Battlefield Management System (BMS) project prototype will be ready by 2017, KK Singh, CMD of Rolta India said during an interview with an Indian News Channel
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