BANGALORE India is drawing up policies to boost its defence industry, the defence minister said on Wednesday, as the government looks to increase local arms purchases and reduce imports.
India was "very very serious" about indigenisation, A.K. Antony said at an air show in the southern Indian city of Bangalore, adding that the country's defence procurement policy was being adjusted.
India, the world's biggest arms importer in recent years, plans to spend around $100 billion over the next 10 years to upgrade its largely Soviet-era military equipment as it looks to keep pace with neighbour and Asian rival China.
(Reporting by Anurag Kotoky and Ananthalakshmi Ananthsankar; Editing by Ron Popeski)
Trending On Reuters
The government plans to change the Reserve Bank of India Act before the end of the fiscal year so it can set up a new committee to direct the country's monetary policy, retiring Finance Secretary Rajeev Mehrishi told Reuters. Full Article