"We are on path of modernising our assets. In the last five year plan, IAF procurements were around Rs 1.5 lakh crore and over next two Plan periods, we envisage to procure assets worth more than Rs two lakh crore, IAF Deputy Chief, Air Marshal R K Sharma said here.
He was addressing a seminar on 'Energising Aerospace Industry' in India.
The IAF is planning to sign a number of big ticket deals in the near future including the 126 MMRCA expected to be worth over Rs 50,000 crore, the fifth generation fighter aircraft deal with Russia which is expected to cross the Rs one lakh crore mark and a number of other projects above the range of Rs 5,000 crore.
Addressing the gathering, the IAF Deputy Chief said there was "huge potential" for the private sector to work in the defence sector but it should be done by "adopting best ethical practices".
"You must adopt best ethical practices and be extremely sensitive to IAF's concerns about the security of information," he said.
He said the DRDO and Defence Public Sector Undertakings (DPSUs) must not see the private sector as a competitor but as a partner in developing an indigenous defence industry in the country.