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68% Of Capital For Defence Sector To Be Earmarked For Local Industry

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68 % Of Capital For Defence Sector To Be Earmarked For Local Industry
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Finance Minister Nirmala Sitharaman announced in the Union Budget 2022-23 on Tuesday that 68 per cent of capital for the defence sector would be earmarked for the local industry.Also Read – Union Budget 2022: Rs 6,000 Crore Programme To Rate MSMEs To Be Rolled Out In 5 Years

“68% of the capital procurement budget for defence to be earmarked for domestic industry to promote Aatmanirbharta and reduce dependence on imports of defence equipment. This is up from the 58% last fiscal,” Sitharaman said. Also Read – Union Budget 2022: Sitharaman Proposes to Set Up 75 Digital Banking Units Across 75 Districts

The government is committed to reduce imports and promote self-reliance in the defence sector, Sitharaman said as she presented Budget 2022.

Sitharaman added that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation.

“Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode,” she added.

Further, she noted that risks of climate change are the strongest externalities for the world and a low carbon development strategy would open employment opportunities.

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