MOSCOW (Sputnik) — Speaking in an interview with Rossiya-24 television, Borisov stressed that during the first five-year stage of Russia's ambitious rearmament program, the Russian defense industry emphasized the delivery of high-precision weaponry to the military.
"The deliveries of such armaments as the Kalibr sea-based cruise missiles and the X-101 air-based cruise missiles have increased many-fold compared to previous periods," Borisov said.
"In line with a decision by the Supreme Commander of the Russian Armed Forces [President Vladimir Putin], the start of a new rearmament program has been delayed until 2017."
"The reason for this decision is a difficult financial and economic situation in Russia taking place in 2014-2015," Borisov added.
Russia is planning to modernize up to 70 percent of military hardware by 2020.
Total program costs are estimated to reach about 20 trillion rubles ($289 billion at the current exchange rate).
