CURRENT AFFAIRS

Detailed explanation-1: -India has cancelled $500 million defence deal, says Israeli arms firm. The company did not give a reason for the cancellation of the deal.

Detailed explanation-2: -It was later converted into a Trade Office and, subsequently, a Consulate. Regular Embassies opened in 1992 when full diplomatic relations were established between the two countries. India and Israel celebrated 30 years of the upgradation of bilateral ties to full diplomatic relations in 2022-23.

Detailed explanation-3: -According to weapons monitors, India is the largest purchaser of Israeli-made arms, spending in excess of $1bn per year. India, since 2017, has also become a strategic partner and a co-producer of Israeli weapons.

Detailed explanation-4: -Israel has become the top exporter of arms to India after Russia. Israel Aerospace Industries, Elbit Systems and Rafael Advanced Defense Systems have sizable delegations in India, while a plethora of private companies have opened branches there.

Detailed explanation-5: -UAVs manufacturing in India: After Prime Minister Narendra Modi’s visit to Israel in 2017, the IAI had signed an agreement with Elcom Systems and Dynamatic Technologies for the manufacture of UAVs in India.