BUDGET REITERATES GOVERNMENT’S COMMITMENT TO PROMOTE ATMANIRBHARTA IN EQUIPMENT FOR ARMED FORCES
EARMARKS 68 PER CENT OF CAPITAL PROCUREMENT BUDGET FOR DOMESTIC INDUSTRY IN 2022-23, UP FROM 58 PER CENT IN 2021-22
DEFENCE R&D TO BE OPENED UP FOR INDUSTRY, STARTUPS AND ACADEMIA
Reiterating government’s commitment to reduce imports and promote AtmaNirbharta in equipment for the Armed Forces, the Union Budget presented in parliament today by Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman, has earmarked 68 per cent of the capital procurement budget for domestic industry in 2022-23, up from 58 per cent in 2021-22.
Union Finance Minister said that Defence R&D will be opened up for industry, startups and academia with 25 per cent of defence R&D budget earmarked. Private industry will be encouraged to take up design and development of military platforms and equipment in collaboration with DRDO and other organizations through SPV model. She emphasized that an independent nodal umbrella body will be set up for meeting wide ranging testing and certification requirements.