To encourage and speedup modernization in the defense sector, India has exempted customs duty on defense and military hardware imported from other countries.
“Defense has an immediate requirement of modernization and upgradation. This is a national priority. For this purpose, imports of defense equipment that are not being manufactured in India are being exempted from the basic customs duty,” Nirmala Sitharaman, Finance Minister of India, said, while presenting the Union Budget 2019.
Indian Defense spending for 2019-20 has been estimated at 3.05 trillion rupees ($45 billion). Although higher than the previous fiscal of 2.85 trillion rupees ($41.5 billion), the increase only compensates for the inflation.
India has a number of defense related buys in the pipeline. These include procurement of 114 fighter jets for $15 billion to supplement its depleting fleet of combat aircraft, acquiring 10 Boeing P-8I maritime patrol aircraft for $3 billion, $900 million MiG-29 buy, contract for additional Su-30MKI jets, 464 Russian T-90 tanks for $2 billion; 57 aircraft carrier-based fighters, 111 naval utility helicopters and 12 MQ-9 Sea Guardian drones for its navy, and more.
New Delhi has also issued request for proposal (RFP) for 6 next generation missile vessels for $2 billion, and its $14.4 billion project to develop a nuclear-powered submarine has also reportedly been kick started.
The first of French-origin Rafale fighters will be handed over to the Indian Air Force (IAF) in a ceremony planned to take place in France in September this year. The first batch of four jets armed with SCALP missiles having a range of over 300km is expected to be ferried to India by May next year,
The Indian Navy has issued Request For Proposal (RFP) for the construction of six stealth-capable Next Generation Missile Vessels (NGMVs) worth about $1.88 Billion (INR 13,000 crore), the Indian media reported Tuesday
India's $14.4 billion (INR 1 lakh Crore) project to build six indigenous nuclear-powered attack submarines (SSNs) for its navy has kicked off after the government green signaled the project four years ago, with work on special alloy meant for the hull having begun
A $3 billion deal for the purchase of 10 Boeing P-8I maritime patrol aircraft has been approved by the Indian MoD 's procurement committee, along with other defense deals which will bring the total spending to $10 billion are in the pipeline for the next two-three years with the US. “The procurement case for the 10 P-8I aircraft was cleared by an MoD committee last week
The Indian government, after consultation with the navy has decided to sell the decommissioned aircraft carrier, the INS Viraat, for scrap after its effort to convert it into a heritage site failed. Viraat, a Centaur class aircraft carrier weighing 27,800 tonnes, had served in the British Navy as “HMS Hermes” for 25 years from November 1959 to April 1984
India is likely to give the final nod for the $1.7 billion (INR 11,929 crore) contract to acquire 56 C-295 military transport aircraft as a replacement for the IAFs ageing Avro fleet
The Indian army is eyeing to purchase Excalibur guided long-range artillery ammunition that is compatible with the new M-777 Howitzers it purchased from the US three years ago. "The Indian Army is planning to acquire the Excalibur artillery ammunition from the Americans under the emergency procurement procedures," government sources were quoted as saying by ANI
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