New Delhi, Feb 20 : The Ministry of Defence has signed contracts for the procurement of 1,868 Rough Terrain Fork Lift Trucks (RTFLT) at a total cost of Rs 697.35 crore for the Indian Army, Indian Airforce and Indian Navy.

RTFLT is a critical equipment which will assist in various combat and logistics support tasks by avoiding manual handling of the enormous number of stores and thus enhancing the operational effectiveness of the Indian Army, the Indian Air Force and the Indian Navy.

The 'Buy Indian' order will enhance national defence equipment manufacturing capabilities.

This project has immense potential for direct and indirect employment generation by encouraging MSME sector through component's manufacturing.

The procurement marks a pivotal step towards modernising India's defence infrastructure and empowering indigenous industries, which will be a proud flag-bearer of 'Aatmanirbhar Bharat', according to a Defence Ministry statement.

The government's policy of boosting defence production as part of the drive towards an Aatmanirbhar Bharat is increasingly reflected in the rising order books of the country's defence equipment manufacturing companies and underlines a positive outlook for the sector ahead.

Defence sector PSUs such as Hindustan Aeronautics Limited (HAL), that caters mainly to the Indian Air Force, is also poised for a bigger leap in technology as India and US are ready to sign an agreement for the manufacture of advanced GE engines for military planes at the HAL's facilities.

Driven by strategic government policies, India's defence production has shot up to an unprecedented Rs 1.27 lakh crore in FY 2023-24. This represents a massive increase of approximately 174 per cent from Rs 46,429 crore in 2014-15, according to official figures.

Historically, India relied heavily on foreign countries for its defence needs, with about 65-70 per cent of defence equipment being imported. However, this landscape has dramatically shifted, with around 65 per cent of defence equipment now manufactured within India.

/IANS