Indian defence exports valued at Rs.997 crore

Indo Asian News Service

New Delhi, Dec 12 (IANS) India's military exports were valued at Rs.997 crore ($184 million) in the last three years, Defence Minister A.K. Antony said Wednesday.

He said the exports came from ordnance factories as well as defence public sector undertakings besides companies in the private sector.

"There is a greater focus now on indigenous design, development and manufacture of defence equipment as per the Defence Production Policy," the minister said in a statement.

Since May 2001, he added, the Indian defence industry was open up to 100 percent for Indian private sector participation while foreign direct investment was permissible up to 26 percent.