With one eye on bolstering India’s combat capability and another on achieving 'Atmanirbharta' in defence manufacturing, the Defence Acquisitions Council (DAC) has cleared purchases and upgradations worth Rs 39,000 crore. The DAC is the highest decision making body of the defence ministry on procurement.
According to a statement from the defence ministry, the Rs 39,000 crore worth of purchases would include procurement of over Rs 31,000 crore from Indian companies.
The timing of the announcement is critical. It comes at a time when India is engaged in a bitter standoff with China on the back of the face off at Galwan Valley last month, which led to the death of 20 Indian Army personnel.
In fact, Prime Minister Narendra Modi visited Ladakh on Friday to take stock of the situation at the India-China border. While addressing soldiers at Nimo, Modi in a veiled attack on China said the era of expansionism was over.
CNBC-TV18’s Shereen Bhan is in conversation with Jayant Patil, senior executive vice president for L&T's Defence and Smart Tech Business; retired Colonel HS Shankar, the chairman and managing director of Alpha Design Technologiesand Udayant Malhoutra, the managing director and CEO of Dynamatic Technologies.