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India to buy $233 billion defence equipments over next 11 years

The Indian Ministry of Defence (MoD) has prepared a plan to spend around $233 Billion (Rs 15 lakh Crores) over the next 11 years on producing new equipment including warships, fighter jets, submarines, aircraft carriers and helicopters. The projected amount is expected to be a part of the financial requirements for the long-term integrated perspective Plan (LTIPP) for the period 2012-2027. Under the plan, the MoD has set a target including induction of an additional 170 fighter jets for the IAF, 12 additional submarines and another indigenous sea-borne aircraft carrier for Indian Navy, additional artillery guns and tanks for the Indian Army and 500 various types of helicopters for three defence services. Though the plan looks huge but seems to be achievable as the MoD is seeking a gradual and assured hike of annual 8 percent in existing capital spending allocated in each year’s budget for new military equipment which is in sync of the anticipated hikes that for now vary on a year-to-year basis. The capital spending for the present fiscal is approximately $12.69 billion; while the entire planned hike for the next 11 years will average out to an annual spend of $20.27 billion.

Source:http://www.tribuneindia.com/news/nation/mod-s-223-bn-plan-for-purchase-of-fighter-jets-submarines-warships/284378.html

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