India bought defence equipment worth 2.42 lakh crore in four years: Government

New Delhi March 10 (IANS) The government on Friday told the Lok Sabha that over Rs 2.42 lakh crore were spent on purchase of defence equipment from 2013-14 fiscal to 2015-16 fiscal.

Expenditure on purchase of defence equipment for the three armed forces was Rs 66 821 crore in 2013-14 fiscal Rs 65 583 crore in 2014-15 Rs 62 341 crore in 2015-16 and Rs 47 494 for the ongoing 2016-17 fiscal Minister of State for Defence Subhash Bhamre told the lower house.

In reply to another question the Minister said the government has approved a Defence Innovation Fund (DIF) with initial funding by Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL).

The fund aims at creation of ecosystem to foster innovation and technology development in Defence by engaging research and development institutes/academia and industry including start-ups and provide them the funding to carry out innovative development which has the potential for future commercialisation he added.

--IANS
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