Forces battle new enemy in financial crisis
“India being one of the world's biggest spenders on defence equipment will be slashing defence imports in the coming fiscal year and increase the focus more on indigenization of weapons,” he added.
Delhi has earmarked $36.35 billion for defence spending for the current fiscal. Of this, R79,579 crore will be spent on buying new weapons.
As reported by FE, with the defence capital acquisitions budget being slashed by around R10,870 crore, several critical procurement projects have come to a halt. They range from acquisition of submarines and howitzers to missiles and helicopters.
The two biggest projects facing huge delays are the over $10 billion one for six new-generation conventional submarines and the almost $10.4 billion 126 MMRCA (medium multi-role combat aircraft) project.
The submarine proposal, dubbed Project-75 India, has been in the making for several years now. But the MoD is yet to even issue the global tender or RfP (request for proposal) to kick off the formal process. The inking of the contract for the massive MMRCA project itself has been put
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