Aiming to make India a great military power the Modi government will spend a massive Rs. 15 lakh core ($223 billion) over the next decade to purchase new weapons.
As per a media report, weapon systems will include 500 helicopters, 12 submarines, nearly 100 single engine fighter jets and over 120 twin engine fighter aircraft, plus aircraft carriers.
The modernisation plan for the Indian military has been chalked out in a medium-term roadmap called ”Long Term Integrated Perspective Planning” for 2012 to 2027.
The report also states that this is for the first time the Defence Ministry has asked a detailed financial projection for modernisation of Army, Navy and Air Force. The MoD seeks an annual 8 per cent hike in existing capital spending that allocated in each year’s budget for new military equipment meant for the three wings.
Though the plan looks very big, the MoD seeks a gradual and assured hike.
Defence Minister Manohar Parrikar has asked his ministry to project the expected cost of modernisation of weapon systems. Parrikar has asked the official of Defence Ministry to work on the expected outflows annually in Defence’s budget over the next decade.
In the financial year ending in March 2017, the ministry will be spending approximately $12.69 billion (Rs. 86,340 crore).
The MoD will also be focusing on ‘Make in India’ for choppers, submarines, fighter jets, warships and aircraft carrier. Various joint ventures are being encouraged with foreign manufacturers.
The MoD has also laid down a plan to cut on unnecessary expenditure by clubbing together procurement of three services to prevent duplication of efforts and wasteful expenses.
With strength of over 1.3 million active personnel, Indian Army is world’s third largest military force and has the world’s largest volunteer army. During the financial year 2015–16, the government allocated for about $60 billion for “defense and security”.