India 'very serious' about boosting local defence industry: Antony
BANGALORE (Reuters) - 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)
- Tweet this
- Share this
- Digg this
The Nifty surged past the psychologically important 8,000 level for the first time on Monday as blue-chips such as ICICI Bank gained after better-than-expected quarterly economic growth data. Full Article
Government urges Supreme Court to not cancel some 'illegal' coal mines Full Article