German defence minister says Thyssenkrupp AG is likely to bid for a project to supply 6 submarines for Indian navy. India is looking to boost domestic defence manufacturing as it aims to counter China's growing presence in Indian Ocean. In march, India approved a budget of $6.8 billion for its navy. Indian navy has 16 conventional submarines, 11 of them over 2 decades old, along with 2 indigenous nuclear-powered submarines. Western military manufacturers are attempting to wean new Delhi from its dependence on Russian gear. Thyssenkrupp AG’S marine arm & India’s Mazagon dock shipbuilders are likely to jointly bid for the project. In anticipation of the pact, shares of the Indian shipbuilding yard rose as much as 7.7% to a record high. Submarines are a key element of maritime strategy for modern naval warfare planners. Remember, Germany is among India's Indo-pacific allies. A bilateral defence cooperation agreement was signed in 2006, which provides framework for annual consultations.
#india #defenceexports #wion
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