Article Posted on : - Jan 04, 2018

NEW DELHI (PTI): India has inked 187 contracts involving Rs 2.40 lakh crore with foreign and domestics firms for procurement of various military platforms and equipment in the last four years.

Replying to a question in the Lok Sabha, Minister of State for Defence Subhash Bhamre said 119 contracts involving Rs 1.62 lakh crore have been signed with Indian vendors while 68 procurement deals worth Rs 1.24 crore have been signed with foreign vendors.

The value of total contracts signed in the last four years comes to Rs 2.40 lakh crore.

He said the expenditure on capital acquisition in 2014-15 was Rs 65,862 crore while the figures for 2015-16 and 2016-17 were Rs 62,235 crore and Rs 68,252 crore respectively.

Bhamre said value of defence production by Ordnance Factory Board (OFB) and other defence public sector undertakings during 2014-15 was Rs 46,390 crore while it was Rs 52,960 crore in 2015-16.

In 2016-17, the value of defence production by these government entities was Rs 55,890 crore, he said.

Bhamre said the budget estimate for disinvestment in 2017-18 is Rs 72,500 crore.

"This comprised Rs 46,500 crore from disinvestment of CPSEs (central public sector enterprises) and Rs 15,000 crore from strategic disinvestment and Rs 11,000 crore from listing of insurance companies," he said.