New Delhi: The Union Cabinet on Thursday has cleared procurement of Akash missile system at Rs 5500 crore giving a big boost to defence forces.
Sources said contract for 15 light combat helicopters is also likely to be signed this year. The Centre is expected to roll out a new defence procurement policy by March 2020, the sources added.
The clearance from the Cabinet Committee on Security (CCS) came a few days ago. The announcement regarding the clearance was made on Thursday.
The crucial contract for 83 Light Combat Aircraft (LCA) is like to be signed in the next few months, probably towards the end of the year.
The development is significant given that the IAF is in dire need of replacing its existing fleet of fighter jets. In fact, it is set to welcome the first batch of French Rafale fighter jets by month-end.