Delhi: In order to ramp up its military preparedness, India will spend a massive $223 billion or Rs 15 lakh core over the next decade to acquire weapon systems, as per a media report.
NDTV quoted Defence Ministry sources as saying that the weapon systems will include 500 helicopters, 12 submarines, nearly 100 single engine fighter jets and over 120 twin engine fighter aircraft and aircraft carrier.
Defence Minister Manohar Parrikar is said to have asked his ministry to project the expected cost of modernisation as laid out in the "Long Term Integrated Perspective Planning" for 2012 to 2027.
This is a medium-term roadmap drawn up by the military and the estimated growth in the capital budget has been pegged at 8 percent annually.
"On an average, we see a growth between 5 to 9 percent annually, a projected growth of 8 percent is a realistic figure to work with. We are likely to get about 13 lakh crore for capital acquisition over the next decade, leaving us with a short fall of between Rs.1.5 lakh to Rs. 2 lakh crore," the media house quoted an official as saying.
Moreover, in the financial year ending in March 2017, the ministry will be spending approximately $12.69 billion or Rs 86,340 crore.
"We are looking at outsourcing some functions in peace stations and replacing men with smarter systems. Our estimates suggest that we will be able to save about Rs. 5000 crore over which will be enough tide over the shortfall," the official was further quoted as saying.
