The government informed the Lok Sabha that more than Rs 2.42 lakh crore were spent on purchase of defence equipment from 2013-14 fiscal to 2015-16 fiscal, on Friday.
Spending on the acquisition 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. For the continuing 2016-17 fiscal, it is Rs 47,494 crore, said minister of State for Defence Subhash Bhamre to the lower house.
“Approved a Defence Innovation Fund (DIF) with initial funding by Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL),” said the Minister while answering to another question.
“The fund aims at the creation of the 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.