Latest News – Plans of companies like Larsen & Toubro, Mahindra & Mahindra and Reliance Infrastructure are riding on the government’s budgetary allocation for defence. These players expect orders for the manufacture of single-and double-engine fighter jets, naval helicopters and submarines, and export of defence systems to pick up in the next financial year.
Excluding pensions, Rs 2,58,589 crore was allocated for defence in 2016-17, up from Rs 2,46,727 crore in 2015-16 and Rs 2,22,370 crore in 2014-15. India’s defence budget is 1.71% of its gross domestic product (GDP) and a parliamentary standing committee has recommended raising this to 3% of GDP.
Mahindra group president and chief executive officer, aerospace and defence, S P Shukla said he (Read More)