In a bid to boost its military preparedness, India's defence ministry has chalked out an ambitious modernisation plan over the next 10 years at an estimated cost of Rs 15 lakh crore. India will induct 500 helicopters, 12 submarines, over 100 single-engine and 120 twin-engine fighter aircraft as part of defence ministry's Long Term Integrated Perspective Planning — a medium term road-map for a time frame of 2012 to 2027. India is already gearing up to induct ingenious aircraft carriers and artillery guns.
The LLIPP is the first ever detailed financial projection by the ministry, though it has always worked on the basis of such roadmaps.
According to NDTV, Defence Minister Manohar Parrikar has asked his ministry's officials to project the estimate cost for the LLIPP.
The ministry expects eight percent hike in the annual budget in order to procure new military hardware for the armed forces, the report added.
"A projected growth of 8 percent is a realistic figure to work with," a ministry official told NDTV.
The ministry is likely to get about Rs 13 lakh crore for capital acquisition over the next decade which would lead to a shortfall of between Rs 1.5 lakh to Rs 2 lakh crore, the official further added.
The ministry is, however, planning to scale down its revenue cost in a bid to plug the gap, the report said.
"Our estimates suggest that we will be able to save about Rs 5,000 crore which will be enough tide over the shortfall," NDTV quoted the official as saying.