Centre fast-tracks Infantry Combat Vehicle project

'Make in India' is an initiative that the Government of India launched to help promote the many multinational companies to manufacture in India.

Effected by the country's Prime Minister Narendra Modi in late 2014, this initiative targeted higher foreign investments to the country.

This enabled India to surpass other leading nations to clock the highest amount of FDI, amounting to $63 billion, in 2015.

India's Narendra Modi government is looking to purchase hundreds of foreign combat jets, if the fighter planes are manufactured in India, partnering with a local manufacturer.

The government is eyeing close to 200 fighter jets, which may increase to 300, over the course of time.

Reports pitched the deal to be worth anything between $13 billion to $15 billion.

If the multi-billion dollar deal is clinched, it could potentially make it one of the biggest military deals for India.

The new reports highlights India's stance on increasing its operational strength, which is currently dwindling.

The latest requirement would enable creating a domestic aircraft industry and instead reduce imports.

Aviation players such as Lockheed Martin and Saab expressed keen interest in snagging the deal.

The Defence Ministry has fast-tracked the 'Make in India' initiative to produce 2,610 future infantry combat vehicles for the Army; the project is estimated to cost Rs.60,000 crore.

Sources said that the government would soon finalize contractors to design and build prototypes of the aircraft.

The private contenders are L&T, Mahindra, Pipavav Defence & Offshore Engineering, Tata Motors-Bharat Forge and Tata Power SED-Titagarh Wagons.