The primary target of the Indian government is to achieve self-reliance in defence production. This has opened up the defence industry for private sector participation and is paving the way for foreign original equipment manufacturers to enter into strategic partnerships with Indian companies. India plans to spend $130 bn on military modernization in the next 5 years.
A Defence export strategy has been formulated with a view of facilitating Defence Public Sector Enterprises (DPSUs) and private defence players in exploring business opportunities abroad. Domestically produced defence platforms, equipment, and spares worth $317 mn were exported to over 28 countries in 2015-16.
When it comes to foreign direct investment in the defence sector in India, 100% FDI in defence is permitted.
100% FDI in defence manufacturing in India is allowed ; wherein 49% is allowed under automatic route and beyond 49% through Government route.
2nd largest armed forces in the world
Ongoing DRDO projects in India of worth $7.3 bn
30% offset requirement for procurement of equipment in excess of $307.69 mn
5.3% increase in defence allocation was recorded in budget 2017-18 compared to budget 2016-17
The allocation towards defence in budget 2017-18 stood at $41 bn with $13.3 bn (or 31.7% of the total budget) reserved for capital expenditure
The total budget sanctioned for the Indian military for the financial year 2018-19 is $62.8 bn; accounting for 12.1% of the total Union Government expenditure for 2018-19
India’s share in global military expenditure stood at 3.3% in 2016
Service/ department-wise allocation as a percentage of total defence estimates 2017-18 (BE):
Atal Bihari Vajpayee's memorable 1996 Parliament trust vote speech
'If It Was So Important…' PM Modi's Article 370 Bouncer for Congress in Independence Day Speech
PM Modi greets children at the 73rd Independence Day Celebrations at Red Fort Delhi.
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