NEW DELHI: India signed a deal with France on Monday to buy 26 Rafale fighter aircraft worth 630 billion rupees ($7.4 billion) for its navy, the Indian defence ministry said in a statement.

`The governments of India and France have signed an inter-governmental agreement for the procurement of 26 Rafale Aircraft, the defence ministry said in a statement.

India will buy 22 single-seater and four twin-seater fighters, made by France`s Dassault Aviation, the ministry said, in a deal that would boost the Asian country`s defence ties with its second-largest arms supplier. When delivered, the jets would join 36 French-made Rafale fighters already acquired by New Delhi as part of its efforts to rapidly modernise its military hardware `The delivery of these aircraft would be completed by 2030, with the crew undergoing training in France and India,` the ministry said, adding that the deal is expected to generate thousands of jobs and revenue for a large num-ber of businesses.

The purchase was approved earlier this month by India`s security cabinet, chaired by Prime Minister Narendra Modi. The Indian Air Force currently operates 36 Rafale fighters, while the navy`s aircraft fleet mainly comprises Russian MiG-29 jets.

India is seeking to modernise its military, reduce dependence on Russian-origin equipment, and boost domestic weapons production to supply forces deployed along two contentious borders with Pakistan and China. The Indian navy has flagged China`s growing presence in the Indian Ocean over the past decade, with Beijing operating dual-purpose vessels in the region and maintaining a military base in Djibouti since 2017.

It also marks another step in India`s long-standing reliance on French military hardware, including Mirage 2000 jets bought in the 1980s and Scorpene-class submarines orderedin 2005.

The jets made by French aerospace company are expected tooperate from Indian-made aircraft carriers, replacing the Russian MiG-29K jets. `It includes training, simulator, associated equipment, weapons and performancebased logistics` as well as 22 single-seater and four twin-seater jets, said India`s defence ministry.

`It also includes additional equipment for the existing Rafale fleet of the Indian Air Force (IAF).

The earlier contract for 36 Rafale aircraft, agreed in 2016, was worth about $9.4 billion. Many global arms suppliers see the world`s most populous nation and fifth-largest economy a key market.

India has become the world`s largest arms importer with purchases steadily rising to account for nearly 10 per cent of all imports globally in 2019-23, the Stockholm International Peace Research Institute (SIPRI) said last year.

India has also eyed with worry its northern neighbour China, especially since a deadly 2020 clash between their troops. That sparked a wave of defence reforms in the country, with both a push for fresh contracts from foreign suppliers and simplified laws to push domestic manufacturing and coproduction of critical military hardware.-Agencies