India to buy $2 billion missile systems from Israel
The Dollar Business Bureau India, one of the world's largest defence importers, and Israel, globally known as a top exporter of military prowess, have signed a historic defence trade deal of $2 billion. Under the said deal, Israel will provide India with advanced surface to air missile (SAM) systems. These defence systems are used to target enemy aircraft, drones and missiles within a 50 km - 70 km range. The mega defence deal is a big step towards expanding bilateral defence cooperation between the two countries ahead of PM Modi's visit to Tel Aviv in July, 2017. This will also give a fillip to the total trade between India and Israel which stood at $4.9 billion as of 2015-16, registering negative growth every year since 2011-12, when it was at a high of $6.7 billion. Under the agreement, Israel has agreed ...
India, US plan to improve defence coordination
The Dollar Business Bureau India and the United States on Tuesday reiterated the need to expedite their discussions on key defence areas including jet engine technology and aircraft carriers under the India-US Defence Technology and Trade Initiative (DTTI). The announcement was made by Defence Minister Manohar Parrikar at the joint press conference with the United States Defence Secretary Ashton Carter, who is on a four-day visit to India. “DTTI has provided an unprecedented platform for our two countries to strengthen bilateral cooperation in cutting-edge technologies and to address procedural delays in decision-making. We also agreed to expand DTTI by introducing new and more ambitious projects for mutual collaboration,” Parrikar said. Striking similarity between DTTI and Make in India programmes and to further bolster engagements ...
Reliance Defence partners Russian firm to develop air missile systems
The Dollar Business Bureau Reliance and AlmazAntey discussed the joint implementation of modernisation, repair and deep overhauls of ‘AlmazAntey’ systems already in service with the Indian armed forces Reliance Defence Ltd. and AlmazAntey - Russia’s leading developer and manufacturer of air defence missile systems - have agreed to develop the entire range of AD missile and radar systems required for Indian defence forces. “DAC approval for acquisition of S-400 air defence missile systems creates business opportunity of about $6 billion (Rs 40,000 crore),” Reliance Ltd. said in a statement. The two companies identified the air defence missile systems including the TOR-1M missile program, radars and automated control systems as areas of partnership under the ‘Make in India’ programme as well ...
Ordnance Factory Board set to become a complete solution provider
The Dollar Business Bureau The Union Defence Minister, Manohar Parrikar, on Monday, informed his Ministry’s efforts and initiatives being taken towards improving the performance of Ordnance Factory Board (OFB). The Consultative Committee consisting of the Members of Parliament were discussing the role of the OFB, one of the oldest and largest production organisations of the Ministry of Defence. Informing the members, the Union Defence Minister said, “OFB is undergoing a paradigm shift from that of a manufacturer of defence equipment to a Complete Solution Provider.” The OFB’s new role will encompass design, development, bulk production and lifecycle sustenance equipment, the Minister said. The OFB would be made into a lead integrator of major platforms and will undergo a transformation into becoming ...
Public Financial Management System, key for good governance: President
The Dollar Business Bureau In view of the increasing quantum of public expenditure, the Government of India is moving towards establishment of ‘Integrated Financial Management Information Systems (IFMS)’, besides setting up proper standards in accounting, auditing and budgeting. This was stated by Pranab Mukherjee, President of India, in his address to the probationers of Indian Defence, Civil, Railway and Post & Telecommunication Finance & Accounts Services, in Rashtrapati Bhavan, on Monday. Tthe President called upon the probationers to assimilate the global financial management practices and apply them appropriately in the Indian context. Stating that the Public Financial Management System (PFMS) is a key to good governance, the President called for an efficient tracking, monitoring and reporting system for proper management of public ...
India signing LSA, CISMOA and BECA pacts critical for US DTTI cooperation
The Dollar Business Bureau In a move towards Defence Trade and Technology Initiative (DTTI), the United States officials on Thursday stressed India to ink three key pacts that have been pending over years. The three pacts that were mentioned are Logistics Support Agreement (LSA), Communication Interoperability and Security Memorandum Agreement (CISMOA) and Basic Exchange and Cooperation Agreement for Geo-Spatial Cooperation (BECA). Terming them as ‘foundation pacts’ for stronger defence cooperation between the two countries, the US officials said, “If India did not sign the pacts, it would become an issue at some point in the future, as the two countries worked on high-end defence technology.” According to a report from India Defence Research Wing, the US officials made ...
