Last updated time: 16 March 2023, 19:46 IST
DAC has sanctioned Acceptance of Need (AoN) for capital acquisition for an amount of Rs 70,584 crore and all acquisitions will be under the Acquisition category. (File photo: AFP)
The new purchase proposals come amid a nearly three-year-old conflict along the Line of Actual Control in eastern China’s Ladakh.
India on Thursday approved the capital purchase of indigenously developed military equipment worth Rs 70,584 crore as part of a mega procurement plan that is expected to significantly boost domestic defense production. The approval of the procurement proposals was given by the Defense Acquisition Council (DAC), headed by Defense Minister Rajnath Singh, officials said.
The new acquisition proposals come amid a nearly three-year-old conflict along the Line of Actual Control in eastern China’s Ladakh.
DAC has sanctioned Acceptance of Need (AoN) for capital procurement for an amount of Rs 70,584 crore and all purchases will be made under the Procurement (Made, Developed and Manufactured in India) category. Officials said the total approval for capital purchases in FY 2022-23 now stands at Rs 2,71,538 crore, of which 98.9 per cent will come from Indian industry.
“Such local procurement will not only strengthen Indian industry towards the goal of ‘Aatmanirbhar Bharat’ (self-reliant India) but will also significantly reduce India’s dependence on foreign suppliers,” Singh’s office wrote.
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(This story was not edited by News18 staff and was published by a syndicated news outlet)
