HAL to receive 45,000 crore orders for 83 LCA fighters:

The Indian Air Force (IAF) to place orders worth around ?45,000 crore with the Hindustan Aeronautics Limited (HAL) to acquire 83 Light Combat Aircraft (LCA) Tejas fighters.

The IAF issued a tender for 83 LCAs about two years ago and the project was stuck over the pricing issue as the government and the Air Force felt that the price offered by the HAL was slightly higher. The Defence Ministry determined the cost of the 83 LCA Mark 1A aircraft around ?45,000 crore and the Indian Air Force is now expected to place orders for these planes in the next few weeks.

The LCAs have been designed and developed completely by the Defence Research and Development Organisation (DRDO). The DRDO chief G Satheesh Reddy presented the Final Operational Clearance (IOC) certificate for the

LCA to the IAF and the Defence Ministry at the Aero-India.

The first-of-its-kind order for any Indian firm and would give a major boost for the indigenous defence industry. The Acceptance of Necessity given by the Defence Ministry over two years ago was ?50,000 crore but the price determined by the ministry`s cost committee was reduced to around ?45,000 crore.The first LCA Mark 1A aircraft is likely to be produced by 2023. The initial 40 planes in the Initial Operational Clearance and Final Operational Clearance standards which have already taken part and proven themselves in the IAF operational exercise.

LCA Mark 1A is the advanced version of Tejas aircraft.The requirements presented by the IAF, the first LCA Mark 1A plane would be supplied in 36 months from the signing of the contract. The new LCA Mark 1A plane will have advanced avionics and radars than the initial 40 LCAs being supplied to the Air Force.The HAL supplied 16 LCAs to the service which has based them at Sulur in Tamil Nadu under 45 Squadron.

Indian Air Force (IAF) 

Founded: 8 October 1932

Headquarters: New Delhi

 IMF cuts India’s GDP growth to 7% from 7.3% for FY20: 

The International Monetary Fund(IMF) has reduced the Gross Domestic Product(GDP) growth rate of India to 7% from its previous estimate of 7.3% which is much weaker than expected by IMF. this rate cut is attributed to uncertainty in corporate and environmental regulatory in some Non-Banking Financial Companies (NBFC).IMF cuts India`s GDP growth to 7% from 7.3% for FY20

Key points:

This economic growth rate is expected to rise to 7.2 % FY21, which is also a downgraded projected growth rate of 7.5 in the earlier report.

About IMF:

Formed- 27 December 1945, after Brettonwood conference in 1994.

Headquarters- Washington, D.C. (United States(US))

Chief economist- Gita Gopinath.

Director- Christine Lagarde