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.
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.