Defence expenditure increase in proportion with growth: India

New Delhi, Feb 15 (PTI) India Monday said its defence
expenditure will increase "in proportion" with its economic
growth rate, which is expected to be around eight to ten per
cent for the next two decades.

"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,"
Indian Defence Minister A K 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 Indian 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 said. (More) PTI AJD
RDM


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