India to spend around USD 50 billion in next 20 years for acquiring weapons
Prasanna Mohanty | February 15, 2010
India's defence expenditure will increase "in proportion" with its economic growth rate, defence minister A K Antony said here on Monday.
"India's defence expenditure is 2.5 per cent of its GDP and the economy is expected to grow at eight to ten per cent for the next two decades. The expenditure on defence in absolute terms is also bound to increase in equal proportion," Antony said while inaugurating the sixth edition of the biennial Defexpo 2010 here.
India is expected to spend around USD 50 billion in next 20 years for acquiring weapons for its armed forces.
Antony said the increasing expenditure on defence will help the Indian industry to play a more "meaningful role" in the defence sector in the country.
Emphasising the need for achieving high level of indigenisation in defence needs, Antony said, "Our quest for self-reliance will need cooperation between the public and private sector defence industry. We want public and private sector to work as close partners."
On the new policy changes in the defence production procedure 09, the Minister said, "The recent introduction of 'buy and make' Indian category in DPP allows Indian defence industry to forge joint ventures with any foreign company."
Indian private sector will get more opportunities, while foreign partners also will have more scope to forge joint ventures with Indian companies, he added.
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