Defence Ministry nod for purchase of Rs 76,000 crore India-made equipment-Share Market Daily

The defence ministry has given the armed forces a go ahead to procure a range of Indian-made equipment worth Rs 76,390 crore, which includes next generation corvettes for the navy, armoured fighting vehicles for the army and engines for the Su 30 MKI fleet for the air force.

The Defence Acquisition Council (DAC), chaired by defence minister Rajnath Singh, accorded Acceptance of Necessity (AoN) for capital acquisition proposals of the armed forces under ‘Buy (Indian)’, ‘Buy & Make (Indian)’ and ‘Buy (Indian-IDDM)’ categories, which officials said will reduce foreign spending significantly.

Among the several AoNs given, the army can go ahead with procurement of wheeled armoured fighting vehicles, anti tank guided missiles, weapon locating radars and bridge laying tanks from domestic sources. Officials said the emphasis is on indigenous design and development.

The Indian Navy has got a go ahead for procurement of next generation corvettes (NGC) at an estimated cost of Rs 36,000 crore. “These vessels will be versatile platforms for variety of roles like surveillance missions, escort operations, deterrence, surface action group (SAG) operations, search & attack and coastal defence,” an official said, adding that they will be constructed based on in-house design of the Indian Navy.

For the air force, the ministry has given clearances to manufacture Dornier aircrafts and Su-30 MKI aero-engines by

. The coast guard too has got permissions for a digital transformation project.

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