New Delhi: Finance Minister Nirmala Sitharaman announced during the budget presentation that India will set aside 68% of its capital procurement budget of the defence sector for the domestic industry, with an objective to reduce dependence on imports of defence equipment.
Presenting the Union Budget 2022-23 in the Lok Sabha, the Finance Minister said 68% of the capital procurement budget for Defence will be earmarked for domestic industry to promote Aatmanirbhar Bharat and reduce dependence on imports of defence equipment. This is up from 58% in the last fiscal.
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Nirmala Sitharaman announced that defence research and development (R&D) will be opened for industry, start-ups and academia. Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purpose vehicle (SPV) model, the Finance Minister said.
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