India 'very serious' about boosting local defence industry: Antony

BANGALORE Wed Feb 6, 2013 3:45pm IST

Defence Minister A.K. Antony waits to speak at a plenary session of the 11th International Institute of Strategic Studies (IISS) Asia Security Summit: The Shangri-La Dialogue in Singapore June 2, 2012. REUTERS/Tim Chong

Defence Minister A.K. Antony waits to speak at a plenary session of the 11th International Institute of Strategic Studies (IISS) Asia Security Summit: The Shangri-La Dialogue in Singapore June 2, 2012.

Credit: Reuters/Tim Chong

Related Topics

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)

FILED UNDER:

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage