India's defence ministry approves procurement of military hardware worth $1.7 billion
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Out of the total procurements, equipment and platforms worth Rs 11,486 crore (approximately $1.54 billion) will be sourced from domestic entities
The defence ministry on Wednesday approved the procurement of military platforms and hardware worth Rs 13,165 crore ( approximately $1.77 billion) that includes 25 indigenously-developed ALH Mark-III helicopters.
The procurement proposals were approved at a meeting of the Defence Acquisition Council (DAC) that was chaired by India's defence minister Rajnath Singh. Out of the total procurements, equipment and platforms worth Rs 11,486 crore (approximately $1.54 billion) will be sourced from domestic entities.
"The DAC accorded Acceptance of Necessity (AoN) for capital acquisitions proposals for modernisation and operational needs of the Indian Armed Forces amounting to approximately Rs 13,165 crore.
"Of the total amount approved, procurement worth Rs 11,486 crore (87 per cent) is from the domestic sources," the ministry said in a statement.
In addition, the DAC also approved a few amendments to the Defence Acquisition Procedure 2020 as a part of "business process re-engineering to ensure further ease of doing business for the industry as well as measures to enhance procurement efficiency and reducing timelines", the ministry said.