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India, Russia to Sign $3.3Bln Nuclear Submarine Deal on 7 March - Report

Russians milking the scared Indians.
They milked the with Vikramaditya and will keep milking them with junk.
The Vikramaditya was necessary to replace the Vikrant until the Viraat was completed. Similarly, India is leasing another Akula to use until the ideal number of Arihant-class submarines are launched, which should be around 2030.

Also keep in mind the difference between the Indian and Pak navies. The Pak Navy is primarily a defensive force, whereas the Indian Navy's purpose is to protect India's interests in the greater IOR region from the Straits of Malaaca to the Straits of Hormuz. So India needs some more power projection than its current domestic production capabilities allow.

Why are we leasing Chakra III again?

The first two leases are understandable; for training crew for INS Arihant and INS Arighat.

It is not like both subs will be on combat patrol together until all the 6 and later 10, are complete.

The crew can be sent to Russia in half the price and trained there while the remaining 4 submarines are being made.

This seems more like a waste of money.
It is going to be a while before the Arihant-class subs are completed and launched, definitely no earlier than 2030. So India does need a third nuclear sub in addition to the Arihant and Arighat for now.
 
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