AIRLINK 155.65 Increased By ▲ 3.53 (2.32%)
BOP 9.69 Increased By ▲ 0.57 (6.25%)
CNERGY 7.12 Increased By ▲ 0.03 (0.42%)
CPHL 83.74 Increased By ▲ 1.45 (1.76%)
FCCL 43.40 Increased By ▲ 0.59 (1.38%)
FFL 14.80 Increased By ▲ 0.59 (4.15%)
FLYNG 30.44 Increased By ▲ 1.85 (6.47%)
HUBC 136.50 Increased By ▲ 4.56 (3.46%)
HUMNL 12.50 Increased By ▲ 0.27 (2.21%)
KEL 4.01 Increased By ▲ 0.01 (0.25%)
KOSM 5.08 Increased By ▲ 0.17 (3.46%)
MLCF 69.83 Increased By ▲ 2.78 (4.15%)
OGDC 202.85 Increased By ▲ 2.47 (1.23%)
PACE 5.06 Increased By ▲ 0.07 (1.4%)
PAEL 42.50 Increased By ▲ 1.00 (2.41%)
PIAHCLA 16.68 Increased By ▲ 0.46 (2.84%)
PIBTL 8.80 Increased By ▲ 0.38 (4.51%)
POWER 14.01 Increased By ▲ 0.96 (7.36%)
PPL 150.55 Increased By ▲ 1.95 (1.31%)
PRL 28.80 Increased By ▲ 1.09 (3.93%)
PTC 20.75 Increased By ▲ 1.29 (6.63%)
SEARL 84.15 Increased By ▲ 2.18 (2.66%)
SSGC 41.00 Increased By ▲ 3.73 (10.01%)
SYM 14.80 Increased By ▲ 0.42 (2.92%)
TELE 6.97 Increased By ▲ 0.15 (2.2%)
TPLP 8.30 Increased By ▲ 0.16 (1.97%)
TRG 63.92 Increased By ▲ 0.79 (1.25%)
WAVESAPP 8.64 Increased By ▲ 0.60 (7.46%)
WTL 1.27 Increased By ▲ 0.02 (1.6%)
YOUW 3.49 Increased By ▲ 0.14 (4.18%)
AIRLINK 155.65 Increased By ▲ 3.53 (2.32%)
BOP 9.69 Increased By ▲ 0.57 (6.25%)
CNERGY 7.12 Increased By ▲ 0.03 (0.42%)
CPHL 83.74 Increased By ▲ 1.45 (1.76%)
FCCL 43.40 Increased By ▲ 0.59 (1.38%)
FFL 14.80 Increased By ▲ 0.59 (4.15%)
FLYNG 30.44 Increased By ▲ 1.85 (6.47%)
HUBC 136.50 Increased By ▲ 4.56 (3.46%)
HUMNL 12.50 Increased By ▲ 0.27 (2.21%)
KEL 4.01 Increased By ▲ 0.01 (0.25%)
KOSM 5.08 Increased By ▲ 0.17 (3.46%)
MLCF 69.83 Increased By ▲ 2.78 (4.15%)
OGDC 202.85 Increased By ▲ 2.47 (1.23%)
PACE 5.06 Increased By ▲ 0.07 (1.4%)
PAEL 42.50 Increased By ▲ 1.00 (2.41%)
PIAHCLA 16.68 Increased By ▲ 0.46 (2.84%)
PIBTL 8.80 Increased By ▲ 0.38 (4.51%)
POWER 14.01 Increased By ▲ 0.96 (7.36%)
PPL 150.55 Increased By ▲ 1.95 (1.31%)
PRL 28.80 Increased By ▲ 1.09 (3.93%)
PTC 20.75 Increased By ▲ 1.29 (6.63%)
SEARL 84.15 Increased By ▲ 2.18 (2.66%)
SSGC 41.00 Increased By ▲ 3.73 (10.01%)
SYM 14.80 Increased By ▲ 0.42 (2.92%)
TELE 6.97 Increased By ▲ 0.15 (2.2%)
TPLP 8.30 Increased By ▲ 0.16 (1.97%)
TRG 63.92 Increased By ▲ 0.79 (1.25%)
WAVESAPP 8.64 Increased By ▲ 0.60 (7.46%)
WTL 1.27 Increased By ▲ 0.02 (1.6%)
YOUW 3.49 Increased By ▲ 0.14 (4.18%)
BR100 12,160 Increased By 383.7 (3.26%)
BR30 35,356 Increased By 946.7 (2.75%)
KSE100 114,114 Increased By 2787.4 (2.5%)
KSE30 34,917 Increased By 924.3 (2.72%)

India's Hindu nationalist government on Saturday cleared long-delayed projects worth $13.1 billion to modernise the nation's ageing Soviet-era military hardware and boost its domestic defence industry, a report said. The move underscores the desire of the government led by Prime Minister Narendra Modi to update the country's military as it looks to defend itself, especially after recent deadly border clashes with Pakistan and a tense stand-off with Chinese troops.
The Defence Acquisition Council on Saturday approved defence procurement proposals worth 800 billion rupees ($13.1 billion), many of which were longstanding, at a meeting chaired by Defence Minister Arun Jaitley, the Press Trust of India said. India, the second most populous nation in the world, is in the midst of a $100-billion defence upgrade programme. It cleared proposals worth nearly $3.5 billion in June.
Defence ministry officials were not immediately available for comment. India is the world's largest arms importer with the United States recently overtaking Russia as its biggest arms supplier. But slow procurement over decades and the collapse of a string of defence deals during the previous centre-left Congress party government's rule has left the military short of key equipment.
The ruling Bharatiya Janata Party has been pushing for greater indigenisation of the military industry as India imports around 70 percent of its defence hardware. In August, Modi urged India to build up its military might to the point that no other country "dare cast an evil eye" on the South Asian nation. He also said that India had to stop relying heavily on defence imports and focus instead on local research, design and manufacture.
In line with that, among the major proposals to receive approval were a 500-billion-rupee tender to indigenously build six submarines for the navy and purchase 8,356 Israeli guided missiles as well as 12 Dornier aircraft, PTI said citing defence ministry officials.
Modi's new government has raised the foreign investment cap on India's defence industries to speed up modernisation of the military. India has fought three wars with nuclear-armed rival Pakistan, two of them over the disputed Himalayan territory of Kashmir. The country has also been seeking to shore up its defence capabilities to counter a military build-up by an increasingly assertive China.

Copyright Agence France-Presse, 2014

Comments

Comments are closed.