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India : INDIA to invest $250B procuring defense hardware
Publish Date : 09-Feb-2015
India has planned to invest $250 billion in the next 10 years to buy defense hardware. The Indian government, which is in the midst of a $100-billion program to improve its defense has approved proposals worth around $3.5 billion in June. The government had approved $19 billion in military procurement,in the second half of last year.
As the United States has recently overtaken Russia as its major arms supplier, India is the largest arms importer in the world. The ruling Bharatiya Janata Party has made an urge to enhance indigenization of the defense industry as the country imports around 70 percent of its military hardware.
India is locally building six submarines for the navy and buying 8,356 Israeli guided missiles as well as 12 Dornier planes. Indian Premier Modi has raised defense investment by 12 per cent to around $37 billion for the current financial year and sanctioned plans to allow more foreign investment into local industry to launch production.
