India Records $30bn Worth Defence Purchases Over Last Four Years

[Defcon 1]

India has made defence purchases worth a whopping Rs 144,911.8 crore ($28.45 billion approx.) during a four year period starting fiscal 2007-08 and ending fiscal 2010-11.

 

[nrj]

Here is original article -

India records $30bn worth defence purchases over last four years news

India has made defence purchases worth a whopping Rs144,911.8 crore ($28.45 billion approx.) during a four year period starting fiscal 2007-08 and ending fiscal 2010-11.


According to defence minister AK Antony, total purchases, which stood at Rs28,159.16 crore ($5.52bn) in 2007-08, rose to Rs46,887.56 crore ($9.20bn) in 2010-11, a rise of nearly 80% in four years.


Antony stated in a reply to the Lok Sabha, the lower House of the Indian Parliament, that procurement from indigenous companies exceeded that of direct procurement from international companies.


Adding up the year-wise figures provided by the minister, indigenous procurement stood at Rs95,705.85 ($18.78bn) while procurement from foreign sources amounted to Rs42,205.95 crore ($8.28bn) during the four year period.


The year 2010-11 also marked a reversal in the trend of allocations vs spending. Whilst in earlier years, defence procurement spending was below the allocated amount, in this year the ministry of defence overspent the budgetary allocation by Rs486.5 crore.

domain-b.com : India records $30bn worth defence purchases over last four years

 

[Blackwater]

well i cant see anything good so far in the kitty

 

[nrj]

So this is the first time MoD has overspent budgetary allocation! It will be interesting to see how much money is allocated in next budget.