Self-reliance in the defence sector has been a long cherished goal of the Indian policymakers.
Efforts have been undertaken in this regard but India still imports a sizeable amount of military hardware from other economies. The spiralling defence budget can largely be attributed to these imported military equipment and hardware. However, India is trying to reduce its military dependency. According to the Draft of Defence Production Policy, 2018, Indian indigenous defence production increased from 43,746 crore in 2013-2014 to 55,894 crore in 2016-2017. According to the Draft of Defence Production Policy, “India is aiming to achieve a turnover of 1,70,000 crore in defence goods and services, involving additional investment of nearly 70,000 crore and to achieve export of 35,000 crore in defence goods and services by 2025.”
The Defence Research and Development Organisation (DRDO) recently established and developed around 52 defence labs to strengthen research in defence. The Hindustan Aeronautics Limited (HAL) has been promoting and undertaking research in defence aeronautics whereas the Mazagdon Dock Shipbuilders Ltd. (MDL), Garden Reach Shipbuilders and Engineers (GRSE) have been pioneering research in maritime defence. The Bharat Dynamics Ltd. (BDL) and the Bharat Earth Movers Ltd. (BEML) have been pioneering research for the army.
Currently, India has the fifth largest defence budget in the world as it obtains 60% of its weapon systems from the foreign market. The Indian government is focusing on strategic tie-ups for enhancing self-dependence in the defence sector. The Chapter-VII of Defence Procurement Procedure (DPP), 2016, includes a chapter on ‘Revitalising Defence Industrial Ecosystem through Strategic Partnerships’.
Bu hikaye BUSINESS ECONOMICS dergisinin October 16 - 31, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BUSINESS ECONOMICS dergisinin October 16 - 31, 2018 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
