Provision of USD 130 billion for modernisation of defence forces

Bengaluru: Defence Minister Rajnath Singh announced, ‘India is very cautious regarding its population and activities against its integrity. USD 130 billion will be spent on modernisation of defence forces in the next seven to eight years. The maximum stress will be on indigenous manufacture of defence equipment.’ The Defence Minister made this announcement while inaugurating Aero India, which started in Bengaluru.

Agreement for the purchase of 83 Tejas fighter jets for the Indian Air Force was signed on Aero India’s occasion. Expressing satisfaction over this Rs 480 billion agreement, the Defence Minister said this is the most significant domestic agreement in the defence sector. Rajnath Singh clarified that the goal is to make India the leading country in the defence sector. Accordingly, the government will spend nearly USD 130 billion over the next seven to eight years on the modernisation of the defence forces. The central principle of the policy will be the indigenous manufacture of defence equipment.

A target of Rs 350 billion has been set for exports of aerospace and defence related equipment, by 2024. Rajnath Singh said that the objective has also been developed to take the domestic level’s defence turnover to Rs 1.75 trillion. The government has brought the limit for Foreign Direct Investment in the defence sector to 74%, given the increasing the investment in the industry. Aero India 2021 is showcasing the Indian capabilities in the defence sector. Rajnath Singh claimed that this is the biggest Hybrid Aero and Defence exhibition in the world.

China tried changing the situation on the Line of Actual Control in Ladakh by using military force. The Defence Minister issued a stern warning referring to this, without mentioning the name of China. Rajnath Singh warned that India is alert and India will not stop short of shooting down any attempt to harm the population or the country’s integrity.

Meanwhile, Air Chief Marshal RKS Bhadauria made a striking statement that India can continuously monitor its airspace and India has acquired this capability developing it on the domestic industry level. Air Chief Marshal Bhadauria expressed confidence that India will become an essential player in the supply chain in the coming decade, necessary for globally securing the airspace. The Air Chief Marshal said that viewed from the geostrategic point of view, and it can be seen that the centre for peace, security and stability of the region is in India.