India’s Defense Ministry Plans $223 Billion Spend

India is planning to spend $223 billion on weapons over the next eleven years. Defense Minister Manohar Parrikar has asked his ministry to project the expected cost of upgrading and modernizing India’s armed forces. An annual hike of 8 percent in capital spending will be allocated in each year’s budget.

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The Ministry of Defense has set a target for inducting 170 fighter jets for the India Air Force, 12 more submarines, 500  helicopters, artillery guns and tanks for the Indian Army and indigenous aircraft carriers  says Defense World.

The capital spending for the present fiscal year ending March 31, 2017 is approximately $13 billion. The entire planned hike for the next 11 years will average out to an annual spend of $20 billion.

Lockheed Martin, which is winding down F-16 production in the U.S., has offered to shift its entire F-16 production line to India. Boeing Co and Saab AB are also offering to shift some production to India, reports The Voice Times.

 

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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