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India eyes to cut defence budget by 50% within a decade: Subhash R Bhamre

Defence industry has the potential to become a huge foreign exchange earner, claims Bhamre

Press Trust of India  |  Hyderabad 

Nearly $14 billion worth of defence offset obligations would be discharged in India by foreign original equipment manufacturers (OEMs) by 2028, MoS for Defence Subhash R Bhamre said on on Thursday, and indicated that the country envisages to reduce the defence budget by 50 per cent within a decade. He said the defence industry has the potential to become a huge foreign exchange earner and also lead the country to its professed goal of self-reliance. "Nearly $14 billion worth of defence offset obligations will be discharged by the foreign OEMs by 2028," he said ...

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First Published: Thu, January 05 2017. 14:57 IST
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