India, Us defence trade to reach Rs.1.2 Lakh Crore
Updated: Nov 25, 2019
The US Department of Defence said that the bilateral defence trade between India and the US is expected to reach $18 billion (over Rs.1.2 lakh crore) by the end of 2019. The statement comes before the 9th India-US Defence Technology and Trade Initiative (DTTI) meeting in New Delhi.
The US Department of Defence reaffirmed its commitment to strengthening its partnership with India.
In 2008, the bilateral defence trade was 0 between India and the US.
The US also admitted the India Strategic Trade Authority Tier 1 designation to Indian in August 2018. It provides India with greater supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under streamlined processes.