By Zachary Keck
This week Modi agreed to release $3.18 billion to finish construction of India’s first indigenous carrier.
In its first major military decision since taking office, the new Indian government is backing the completion of India’s first indigenously-built aircraft carrier.
According to local media outlets, the Narendra Modi government agreed on Wednesday to release funds to complete the construction of the long-delayed Indigenous Aircraft Carrier (IAC), the INS Vikrant. The reports said that the proposal was cleared by the Cabinet Committee on Security (CCS), which is headed by Prime Minister Modi.
The proposal will allocate Rs 19,000 crore (appx. $3.1 billion) to complete the construction of the INS Vikrant, which is being built by Cochin Shipyard Limited in Kochi. Reports indicate that completing the construction of the aircraft carrier will cost about Rs 20,000 crore.
Earlier administrations have released Rs 3,500 crore (appx. $560 million) in funds to complete the first phase of the carrier project. According to the Times of India, the CSS note had been ready since sometime last year but the previous administration had not cleared it to free up the funds.
Read the full story at The Diplomat