58 Contracts Worth Over Rs 1 Lakh Cr Signed in Last 3 Financial Years For Defence Equipment Procurement

File photo of Minister of state for Defence Shripad Naik

File picture of Minister of state for Defence Shripad Naik

In 2018-19 and 2019-20, the defence funds used to be of Rs 4.04 lakh crore and Rs 4.31 lakh crore, respectively.

  • PTI
  • Last Updated: March 2, 2020, 10:19 PM IST

New Delhi: Fifty-eight contracts value round Rs 1.38 lakh crore have been signed within the closing 3 monetary years for procurement of defence apparatus for the Indian military from international firms, stated Minister of state for Defence Shripad Naik on Monday.

Moreover, the Defence Ministry has totally utilised the funds allotted for the modernisation of the military within the closing 3 monetary years and there was no underutilisation, he added.

In a written respond to a query in Rajya Sabha, Naik said that Rs 62.6 thousand crore, Rs 68.nine thousand crore and Rs 73.eight thousand crore have been allotted for modernisation of the military in 2016-17, 2017-18 and 2018-19, respectively.

He added that the expenditure of every of the aforementioned 3 monetary years have been greater than the allotted funds. Naik stated, “During the closing 3 monetary years (2016-17 to 2018-19), 58 contracts value about Rs 1.387 lakh crore were signed with international distributors for capital procurements of defence apparatus for the military.”

In a respond to any other query in Rajya Sabha, the minister said that the defence expenditure in overall has been expanding every yr, for the closing 4 years, in absolute phrases.

In 2018-19 and 2019-20, the defence funds used to be of Rs 4.04 lakh crore and Rs 4.31 lakh crore, respectively.

However, the defence expenditure, relating to share of the Gross Domestic Product (GDP), used to be 2.22 consistent with cent, 2.11 consistent with cent, 2.13 consistent with cent and a couple of.11 consistent with cent for 2016-17, 2017-18, 2018-19 and 2019-20, respectively.

“It is also observed from above knowledge that the Defence Budget as a share of the GDP would possibly seem to be reducing because of expanding development within the enlargement of the GDP. However, it’s expanding in absolute phrases, implying upper spending,” he stated.

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