Driven by its modernisation plans, the Indian Armed Forces are all set to carry out procurements of new military platforms, systems and weapons worth $150 billion (nearly Rs 9 lakh crore) in the next 15 years, a senior officer said on Wednesday.
At a seminar on ‘Energising Indian Aerospace Industry: Challenges and Opportunities’ organised by the CII here, IAF Director General (Inspection and Safety) Air Marshal P P Reddy said that aircraft, engines and equipment would absorb the major chunk of the IAF’s capital budget every year from now.
The IAF, in February this year, allocated over Rs 38,557 crore or $7 billion as capital expenditure for 2013-14, of which Rs 25,540 crore was for aircraft and aeroengines alone.
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