Brahmand NewsPrevious Article
Brahmand NewsNext Article
Headlines
  • NDA passing-out parade to be low-key, parents can't attend:-In view of the coronavirus pandemic, the Passing Out Parade at the National Defence Academy (NDA) in Pune will be held in a "scaled-down" manner and parents of the cadets will not attend it, the institute has said....
  • Army commanders deliberate on situation in Ladakh for second consecutive day:-The Indian Army has rushed in additional troops and weaponry to eastern Ladakh as part of its strategy to fend off China's aggressive military behaviour with "firmness", even as top Army commanders deliberated on the delicate situation in the region for the second consecutive day on Thursday, official sources have said....
  • Historic SpaceX launch postponed because of stormy weather:-The launch of a SpaceX rocket ship with two NASA astronauts on a history-making flight into orbit was called off with less than 17 minutes to go in the countdown because of thunderclouds and the danger of lightning; the liftoff has been rescheduled for Saturday afternoon....
  • HAL awaiting approval for Mk-1A manufacture: CMD:-Hindustan Aeronautical Ltd (HAL) is awaiting approval from the Cabinet for manufacture of LCA Mk-1A, the improvised version of Mk-1 fighter platform, to be supplied to the Indian Air Force, the company‚Äôs Chairman and Managing Director R Madhavan has said....
student competition 2020

58 contracts worth over Rs 1 lakh cr signed in last 3 financial years for defence equipment procurement

Line Spacing+- AFont Size+- Print This Article

NEW DELHI (PTI): Fifty-eight contracts worth around Rs 1.38 lakh crore were signed in the last three financial years for procurement of defence equipment for the Indian armed forces from foreign companies, said Minister of state for Defence Shripad Naik on Monday.

Moreover, the Defence Ministry has fully utilised the budget allocated for the modernisation of the armed forces in the last three financial years and there has been no underutilisation, he added.

In a written reply to a question in Rajya Sabha, Naik stated that Rs 62.6 thousand crore, Rs 68.9 thousand crore and Rs 73.8 thousand crore were allocated for modernisation of the armed forces in 2016-17, 2017-18 and 2018-19, respectively.

He added that the expenditure of each of the aforementioned three financial years were more than the allocated budget.

Naik said, "During the last three financial years (2016-17 to 2018-19), 58 contracts worth about Rs 1.387 lakh crore have been signed with foreign vendors for capital procurements of defence equipment for the armed forces."

In a reply to another question in Rajya Sabha, the minister stated that the defence expenditure in total has been increasing each year, for the last four years, in absolute terms.

In 2018-19 and 2019-20, the defence budget was of Rs 4.04 lakh crore and Rs 4.31 lakh crore, respectively.

However, the defence expenditure, in terms of percentage of the Gross Domestic Product (GDP), was 2.22 per cent, 2.11 per cent, 2.13 per cent and 2.11 per cent for 2016-17, 2017-18, 2018-19 and 2019-20, respectively.

"It may be seen from above data that the Defence Budget as a percentage of the GDP may appear to be decreasing due to increasing trend in the growth of the GDP. However, it is increasing in absolute terms, implying higher spending," he said.

Tags:

Line Spacing+- AFont Size+- Print Article

Other Related News

Indian Navy at Chinese Fleet Review sends message of bonhomie, peaceful co-existence

By sending two of its naval platforms to the Chinese fleet review, India has clearly stated its intent of maintaining bonhomie, peaceful co-existence and co-operation with other navies in its neighbourhood, including with the PLAN, for regional stability and prosperity.

Upcoming Defence Exhibitions

BRAHMOS Missile Systems

Headlines

Brahmand World Defence Update 2020

Brahmand World Defence Update

Image Gallery