The two procurement proposals were cleared by Defence Minister Nirmala Sitharaman, the defence ministry said.
The bombs, which fall under the category of precision guided munitions, are being procured at a cost of Rs 1,254 crore from M/s JSC Rosonboron Exports, Russia.
It said the 131 Barak missiles and associated equipment are being procured from Israel's Rafael Advance Defence Systems Ltd at a cost of Rs 460 crore.
"These missiles are surface to air missiles designed to be used as a ship-borne anti-missile defence system against anti-ship missiles," said the ministry.
The procurement is being made as part of the government's efforts to bolster operational capability of the armed forces considering the evolving security situation in the region.