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ICICI Securities Report
The Indian government has been relentless in its drive to reduce defence imports while building up strategic capacity. Latest directive suggests armed forces must review all capital acquisitions under progress and reduce/stop imports wherever possible. This is third such restriction imposed on defence imports in the past 16 months.
Indian government has already announced a ban on imports of 351 items in a staggered manner from Dec 2022 to Dec 2024. The strategic review to reduce or stop imports comes before the Budget 2022.
This will only ensure higher indigenisation, while current events have ensured significant growth potential for capital budget allocation. Increased budget not only takes care of revenue growth visibility but also of working capital constraints.
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