With an objective to reduce dependence on imports of defence equipment, India will earmark 68 per cent of its capital procurement budget of the defence sector for the domestic industry, Finance Minister Nirmala Sitharaman said on Tuesday.
Presenting the Union Budget 2022-23 in the Lok Sabha the Finance Minister said 68 per cent 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 per cent last fiscal.
Ms 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
