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In  a significant step toward Prime Minister Narendra Modi's clarion call for 'Aatmanirbharta', the Defence Acquisition Council (DAC) on Monday cleared capital acquisition proposals of the armed forces amounting to Rs 76,390 crore to 'Buy (Indian)', 'Buy & Make (Indian)' and 'Buy (Indian-IDDM)' categories.

The decision was taken during a meeting of the Defence Acquisition Council, which was presided over by Defence Minister Rajnath Singh.

This step will significantly boost the Indian Defence Industry and reduce foreign spending, the defence ministry said.

The defence ministry on Monday gave the initial approval to several military modernisation projects worth Rs 76,390 crore, including the construction of eight next-generation corvettes for the Navy.

The corvettes, to be designed for anti-surface and anti-submarine warfare as well as anti-missile defence operations, will be constructed at an estimated cost of Rs 36,000 crore by an Indian shipyard picked through competitive bidding.

The defence acquisitions council (DAC), chaired by defence minister Rajnath Singh, also accorded acceptance of necessity (AoNs) for procurement of wheeled armoured fighting vehicles with anti-tank guided missiles and weapon-locating radars, rough terrain fork-lift trucks and bridge-laying tanks, for the Army through domestic sources with emphasis on indigenous design and development.

Prime Minister Narendra Modi on Monday launched a special series of coins that are also 'visually impaired friendly'.

The coins of Re 1, Rs 2, 5, 10 and 20 denominations will have the Azadi Ka Amrit Mahotsav (AKAM) design are not commemorative coins and will be part of circulation. (Also read: RBI warns people against online buying of old coins, notes : Here's what you need to know)

"These new series of coins will remind people of the goal of amrit kal and motivate people to work towards the development of the country," Modi said while addressing the iconic week celebration of the Ministry of Finance. 

As Moscow is offering deep discounts on its crude oil amid its boycott by the international community due to its invasion of Ukraine, India is looking at purchasing more low-cost Russian oil from Rosneft PJSC, according to a Bloomberg report. These deals, if closed, will be over and above the purchases India already made through other deals.

“State processors are collectively working on finalising and securing new six-month supply contracts for Russian crude to India… Cargoes are being sought on a delivered basis from Rosneft, with the seller set to handle shipping and insurance matters,” the report said quoting sources adding that details on volumes and pricing are still being negotiated with Indian banks set to fully finance all cargoes.

South Korea and the United States fired eight surface-to-surface missiles early on Monday off South Korea`s east coast after North Korea launched a barrage of short-range ballistic missiles on Sunday, a South Korea defence ministry official said. The action is a demonstration of "the capability and readiness to carry out precision strike" against the source of North Korea`s missile launches or the command and support centres, South Korea`s Yonhap news agency cited the South Korean military as saying.

South Korean President Yoon Suk-yeol, who took office last month, has vowed to take a tougher line against the North and agreed with U.S. President Joe Biden at a May summit in Seoul to upgrade joint military drills and their combined deterrence posture.