The Defence Ministry has signed a $248 million contract with Russia’s Rosoboronexport for the Indian Army’s T-72 tanks. Under the deal, more powerful 1000 HP engines will be procured, including Transfer of Technology (ToT). T-72 tanks are the main tanks of the Indian Army, which are currently powered by 780 HP engines. Equipping these tanks with 1000 HP engines will enhance the battlefield mobility and offensive capability of the Indian Army.
T-72 tanks were developed and manufactured by Soviet Russia in the 1960s. After the war with China in 1962, India planned to equip the army with modern weapons. In this sequence, around 1970, India purchased T-72 tanks from Russia. This was India’s first tank deal outside Europe and since then it has been a trusted partner of the Indian Army.
India’s defence production touched a record high of Rs 1.27 lakh crore in 2023-24, up 174 per cent from Rs 46,429 crore in 2014-15. The country aims to take defence production to Rs 3 lakh crore by 2029. Defence Minister Rajnath Singh said self-reliance efforts are proving successful, and the country is on track to reach Rs 50,000 crore in defence exports by 2029-30.
India’s defence sector will grow at a compound annual growth rate (CAGR) of around 20 per cent during FY24-29 with government support and private sector participation, according to a CareAge Ratings report.