Ministry of Defence Scraps $500 million Israeli Missile Deal

The Ministry of Defence (MoD) has decided to cancel the $500 million deal for Spike ATGM with Israel. MoD has asked the Defence Research and Development Organisation (DRDO) to indigenously develop and produce a Man-Portable Anti-Tank Guided Missile (MPATGM) for the Army.

The decision to cancel the deal was based on the consideration that importing a foreign ATGM at this stage would adversely impact the program for indigenous development of the weapon system by DRDO. 
Static/Current Takeaway Points Important for IBPS PO Mains 2017 Exam-
  1. Israel Capital- Jerusalem, Currency- Israeli new shekel, President- Reuven Rivlin.

Source- The Indian Express