This year, the value reserved for domestic defence procurement is 68 per cent of the defence services capital acquisition budget of 1.24 lakh crore.
Digital Desk: Encouraging the private sector to participate in defence production, the Union defence ministry has set aside 25% of the domestic capital acquisition budget, or Rs 21,149 crore, for the sector, according to a statement issued Friday.
Just two months after, India set aside 68 per cent of the total capital procurement budget for the domestic industry from 2022-to 23 to promote self-reliance in the defence sector. This equated to a total of 84,597.89 crores.
In this year's budget, India allocated 5.25 lakh crore for military spending, including a total capital budget of 1.52 lakh crore for armed forces modernization. The capital outlay for this year is 12.8 per cent higher than the budget estimates for 2021-22, which were 1.35 lakh crore.
This year, the amount allotted for domestic defence procurement is 68 per cent of the defence services capital acquisition budget of 1.24 lakh crore.
Last year, India earmarked 70,221 crores (64 per cent of the military's capital budget) for domestic defence procurement, up from 51,000 crores (58 per cent of the capital budget) in 2020-21.
Also Read: From now Assam police officers cannot use battalion personnel as domestic help
Leave A Comment