Aero India l ‘Plan to spend $130 bn in military modernisation’: Rajnath Singh

Defence Minister Rajnath Singh inaugurated the Aero India show in Bengaluru and urged foreign companies to invest in India in the defence sector. The government also formally handed over a contract of 83 LCA Tejas fighters to Hindustan Aeronautics Limited. Rajnath Singh also said that the government plans to spend $130 billion on defence modernisation in the next seven to eight years. He also said the domestic manufacturing for the defence sector has now become a focus area for the government. ‘The Government of India has enhanced FDI in Defence Sector up to 74% through the Automatic Route and 100% through the Government route, which would act as a catalyst for foreign players to invest in India,’ Rajnath Singh said. The Aero India, known as Asia's largest defence and aerospace exhibition, is being held in Bengaluru from February 3-5. Watch the full video for all the details.