The fund, with an initial corpus of $150 million, is set to be the first of its kind, said two independent industry sources familiar with the development.
In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1,52,369 crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, warships and other military hardware.
Reliance Defence Limited and Russia's leading developer and manufacturer of Air Defence Missile Systems 'AlmazAntey' have decided to work jointly on the entire range of Air Defence Missile and Radar Systems that are required for Indian defence forces.
Stressing on the 'Make in India' initiative, a Ministry of Defence appointed committee has recommended enhanced private sector involvement by granting manufacturers tax and import concessions.
'If private capex has to kick in, there should at least be 2-3 years of visibility.'
'A mule operates someone else's account to transfer illegal money.'
Investors should avoid making drastic changes to their asset allocation during a market correction.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
With access to foreign investment becoming easier, a host of Indian companies vie for a share of the $100-billion budget for equipment.
Few finance ministers announce any taxation measure that could upset the stock market. Ms Sitharaman decided to take that risk, observes A K Bhattacharya.
The Cabinet meeting and the holy dip comes on a day that marks the first anniversary of the consecration ceremony of the Ram temple in Ayodhya.
Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez on Monday inaugurated the Tata Advanced System Limited (TASL)-Airbus facility in Vadodara to manufacture C-295 military aircraft in India.
Though the government says public and private shipyards compete on equal terms, public shipyards feast at the high table with the defence ministry, with only scraps being tossed to private shipbuilders.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
Journalist and author Chitra Subramaniam has demanded that the Central Bureau of Investigation (CBI) make public its findings from the "box of evidence" received from Switzerland regarding the Bofors payoffs. Subramaniam, author of 'Boforsgate: A Journalist's Pursuit of Truth', expressed concerns about the lack of transparency surrounding the evidence, questioning who opened the box, when it was opened, and what it contained. She also raised doubts about the official narrative regarding the alleged bribe in the Bofors case, suggesting the sum of Rs 64 crore may not reflect the full extent of the corruption. Subramaniam also alleged that the CBI planted stories about Hindi film actor Amitabh Bachchan to derail the investigation and launched a political vendetta against the Bachchans. She recalled that Bachchan had come to her home and asked if she had seen his name. The CBI has recently requested assistance from the United States in the case, seeking information from private investigator Michael Hershman, who claims to have crucial details about the scandal. The Bofors scandal, a major bribery case involving the Indian government and the Swedish arms manufacturer Bofors in the 1980s, pertains to allegations of a Rs 64-crore bribe in a Rs 1,437-crore deal for the supply of 400 155mm field Howitzers.
Land ordinance has done away with consent and social impact assessment.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Access to India's defence market must be made conditional -- available only to those who are ready to make a long-term commitment in India, argues Ajai Shukla.
Former IAF chief Bhadauria said this aircraft is "state-of-the-art" and "hugely capable".
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
NDRF director general Atul Karwal told PTI that the teams are undertaking continuous familiarisation exercises and conducting simulation drills in the temple town to respond to any contingency.
Stepping up defence cooperation, India and the US are poised to unveil a roadmap for industries in the sector to partner closely in co-production, co-development and maintaining supply change during Prime Minister Narendra Modi's visit to the US beginning June 21.
"We have worked with a number of foreign partners to develop the mounted gun system. We have requested the Army to provide its ranges and ammunition to us for engineering firing of the howitzer," Tata Power Strategic Electronics Division chief Rahul Chaudhary said in New Delhi on Tuesday.
Overall market reaction to the Budget was neutral. Investors absorbed the changes to the tax rates (positive for salaried class) and capital gains taxes (CGTs, negative due to the removal of indexation and increases. Other proposals largely pertain to supporting rural development, buybacks taxed as dividends, Custom duty changes that impact multiple sectors, higher outlays for clean energy, etc. There's some moderation in the growth of capex outlay across defence, fer
In the past three years, India have spent about $10.5 billion on military hardware and software, making it the largest arms importers in the developing world, the industry body Assocham said in a paper on Avenues for Private Sector Participation in Defence.
With 40 per cent of defence procurement still coming from abroad, the government on Friday said it is working to boost indigenous manufacturing capacity to reduce dependence on foreign supplies.
The contracts for the procurement of the platforms and weapons systems were signed in the presence of Defence Minister Rajnath Singh and defence secretary Giridhar Aramane, under whose guidance these deals fructified, an official readout said.
Official sources said talks were underway to wrap up negotiations on procurement of a missile defence system by India from the US for $1.86 billion.
The end goal of defence procurement should be not import or indeginisation but securing the country through able and ready armed forces, says Air Marshal P V Athawale (retd)
The fast interceptor craft delivered can patrol the coastline at a scorching speed of 45 knots.
We must seize the opportunity provided by the COVID-19 crisis to kick-start indigenous research efforts, recommends Colonel Anil A Athale (retd).
'Investors should consider small and midcaps only if they can handle volatility and have a longer investment horizon.'
'Instead of wailing about the absence of tax benefits, the private sector should press for an early implementation of the package of measures,' advises A K Bhattacharya.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
Prime Minister Narendra Modi on Friday said the Agnipath scheme is an example of necessary reforms undertaken by the Army and accused the opposition of playing politics over the recruitment process aimed at keeping the average age in armed forces young.
Defence Minister A K Antony has shot down Commerce Ministry's proposal to raise Foreign Direct Investment in defence from 26 per cent to 49 per cent, saying it will be a "retrograde" step and "stymie" the growth of the domestic industry while increasing dependence on foreign manufacturers.
Arun Jaitley has clarified his custodianship of 3 ministries - finance, corporate affairs and defence.
The incident remains a reminder of the inherent fragilities of all geopolitical relationships.
It is the first project of its kind in which a military aircraft will be manufactured in India by a private company.
