NEW DELHI — India has approved new guidelines to enable state-run defense firms to form joint ventures (JVs) with local and overseas companies, as the country engages in modernizing its armed forces. “The objective is to have better risk-management, greater efficiency, shorter timeframes for delivery to meet the increasing demands of the armed forces, and for enhancing self-reliance in the defense sector as a whole,” a government official said Feb. 9.

NEW DELHI — Pakistan has received the last batch of three sophisticated F-16 Block 52 fighter jets from the U.S. The three Lockheed Martin fighters delivered Feb. 6 at the Shahbaz Air Base in Jacobabad were the last of the 18 jets Pakistan had ordered. The deal’s cost is $1.4 billion for the aircraft and $1.3 billion for technical costs, including upgrades and maintenance.

A panel of government ministers has recommended approving a debt restructuring plan for Air India and issuing bonds with a sovereign guarantee worth 74 billion rupees ($1.5 billion). “The proposal will go to the federal cabinet for a final approval soon,” said Civil Aviation Minister Ajit Singh. Currently, Air India has a total debt of 437.77 billion rupees, including loans and money due to vendors, such as oil companies and airport operators.