IAF to spend over Rs 2 lakh crore on procurements
New Delhi: The Indian Air Force is planning to spend over Rs two lakh crore in the next 10 years on modernisation including procurement of fighter jets such as the 126 multi-role combat aircraft.
"We are on path of modernising our assets. In the last five year plan, IAF procurements were around Rs 1.5 lakh crore and over next two Plan periods, we envisage to procure assets worth more than Rs two lakh crore, IAF Deputy Chief, Air Marshal RK Sharma said here.
He was addressing a seminar on `Energising Aerospace Industry` in India.
The IAF is planning to sign a number of big ticket deals in the near future including the 126 MMRCA expected to be worth over Rs 50,000 crore, the fifth generation fighter aircraft deal with Russia which is expected to cross the Rs one lakh crore mark and a number of other projects above the range of Rs 5,000 crore.
Addressing the gathering, the IAF Deputy Chief said there was "huge potential" for the private sector to work in the defence sector but it should be done by "adopting best ethical practices".
"You must adopt best ethical practices and be extremely sensitive to IAF`s concerns about the security of information," he said.
He said the DRDO and Defence Public Sector Undertakings (DPSUs) must not see the private sector as a competitor but as a partner in developing an indigenous defence industry in the country.
More from India
More from World
More from Sports
More from Entertaiment
- Is Samajwadi Party-Congress alliance just a compulsion for Akhilesh Yadav?
- UP polls: When fans played spoilsport for SP star campaigner Dimple Yadav
- Have political parties diverted from development agenda in UP elections?
- Pakistan cancels licenses of weapons issued to Hafiz Saeed and his aides
- DNA: How India became world's largest arms importer
- BMC election 2017 results LIVE: Shiv Sena leads in 92 seats, BJP ahead in 73; counting underway
- BMC exit poll: BJP predicted to score big in neck-and-neck battle with Shiv Sena
- How Kashmiris use children for 'meri jaan Pakistan' type 'freedom struggle' - WATCH
- LIVE: `Congress-mukt` Maharashtra sees Shiv Sena retaining BMC, BJP leading in 7 cities
- Solapur Municipal Corporation Elections 2017 Results LIVE: Asaduddin Owaisi's AIMIM bags 5 seats; counting underway