India plans to spend $130 bln on military modernisation: Rajnath

India plans to spend 130 billion dollars on military modernisation in the next 7-8 years to strengthen its security apparatus, Defence Minister Rajnath Singh said on Wednesday.

Speaking at the ‘Aero India’ show here, the Minister said: “We have taken many steps to strengthen our security apparatus recently. Domestic manufacturing of bigger and complex defence platforms has now become the focus of our policy under the Atmanirbhar Bharat Abhiyan. We plan to spend 130 billion dollars on military modernisation.”

To achieve the twin goals of self-reliance and exports, he said, a target has been set to achieve a turnover of Rs 1,75,000 crore, including exports worth Rs 35,000 crore in aerospace and defence goods and services by 2024.

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