The drive to indigenise the Indian defence sector
On 30 November 2023, the Defence Acquisition Council (DAC) of the (Indian) Ministry of Defence (MoD) approved acquisition proposals worth approximately USD2.65 billion – 98% of which will be sourced from indigenous suppliers.
In August 2023, the DAC approved four procurement proposals worth approximately USD930 million. All the proposals were from indigenous suppliers.
In the last three financial years, 122 contracts have been signed for (capital) procurement of defence equipment and platforms, out of which, 100 contracts (accounting for 87% of all contracts) have been signed with indigenous suppliers. For financial year 2023–24, funds have been earmarked in the ratio of 67:33 between domestic and foreign procurement.
Please click here to read the full publication by Shivpriya Nanda and Zain Pandit, published in Chambers & Partners.
Ms. Shivpriya Nanda has over 30 years of extensive experience in mergers and acquisitions, corporate restructuring, strategic joint ventures, and corporate advisory.