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96 contracts inked for armed forces in last 3 years

New Delhi, July 30, 2017: A total of 96 contracts involving an amount of Rs 85,733 crore have been signed with Indian vendors for capital procurement of defence equipment for the armed forces in the last 3 financial years.

Updated:Tuesday, August 1, 2017, 00:05

96 contracts inked for armed forces in last 3 yearsNew Delhi, July 30, 2017: A total of 96 contracts involving an amount of Rs 85,733 crore have been signed with Indian vendors for capital procurement of defence equipment for the armed forces in the last 3 financial years.

A total of 96 contracts involving an amount of Rs 85,733 crore have been signed with Indian vendors for capital procurement of defence equipment for the armed forces in the last 3 financial years.

58 contracts worth Rs 12,1563 crore have been signed with foreign vendors for acquisition of defence equipment in the same period, said Subhash Bhamre, Minister for State for Defence.

Foreign direct investment policy in defence sector has been gradually liberalised in the last two years to encourage defence indigenisation, the minister added.

Defence projects involve long gestation period and investment inflow takes times even after the project are approved and contracts awarded, there is always a time lag before the impact of FDI is visible," he said.

Source: India Infonews Service

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