Govt offers cheap loans for arms, eyes Russia's traditional customers

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Govt offers cheap loans for arms, eyes Russia's traditional customers - Business Standard

Quick Summary:

India is marching towards achieving the target of increasing defence exports," said defense minister Rajnath Singh.

Private manufacturers like Adani Defence and Aerospace and armor-and-ammunition maker SMPP are beginning to produce 155 mm artillery shells, which they said had already been ordered by foreign governments."With this changing scenario, definitely we see a huge, massive demand for artillery ammunition," said SMPP chief executive Ashish Kansal, whose company is setting up a plant to manufacture large caliber 155 mm artillery ammunition.

Delhi missed its target of $3.5 billion in arms sales for the latest fiscal year by about a third, but that still marks a significant increase from the $230 million in weapons and defense components it exported a decade ago.