Rs.15,000cr to scale up defence production
The defence ministry will invest Rs.15,000 crore to scale up indigenous defence production over the next five years, according to the ministry’s latest annual report. HT reports.delhi Updated: Mar 20, 2013 23:26 IST
The defence ministry will invest Rs.15,000 crore to scale up indigenous defence production over the next five years, according to the ministry’s latest annual report.
This comes at a time when India’s over dependence on foreign vendors has come under sharp focus following the controversial VVIP chopper deal.
India is the largest weapons importer in the world, accounting for 12% of the global arms imports.
The ministry’s department of defence production said it had increased the allocation from Rs.583 crore during the 11th Plan period (2007-12) to Rs.15,000 crore for the current plan period to modernise the production capabilities of the Ordnance Factory Board.
“The OFB has an ambitious plan of modernisation envisaging investment of around Rs.15,000 crore during the 12th plan period,” it said in the annual report.
The slew of projects in the works at the OFB includes production of the indigenous 155mm artillery guns and augmenting the production capacities for T-90 and T-72 tanks.
In the wake of the chopper scam, defence minister AK Antony had said indigenisation of defence production was the only answer to avoid such scandals.
First Published: Mar 20, 2013 23:24 IST