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To boost Indian defence industry, Govt earmarks 25% of domestic capital procurement budget for Indian Pvt Firms

Source : Times Now

To boost Indian defence industry, Govt earmarks 25% of domestic capital procurement budget for Indian Pvt Firms
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 In what may boost India’s domestic defence manufacturing, in line with the government’s Make in India programme, the Defence Ministry (MoD), on Friday said that 25 per cent of capital acquisitions for the defence forces will be earmarked for domestic private industry.”To promote private industry, MSMEs and start-ups in defence production ecosystem, 25% of the Domestic Capital Procurement/ Acquisition Budget, amounting to Rs 21,149.47 Cr, will be earmarked for domestic private industry in FY2022-23,” the Defence Ministry said in a statement.

The MoD further added that in a bid to foster innovation and encourage technology development in Defence, Rs 1,500 Cr will be earmarked for procurement from start-ups, including iDEX Start-up, from within the allocations for Domestic Capital Procurement.The move comes just a day after Defence Minister Rajnath Singh released the third list of 101 military systems and weapons that will come under import ban for the next five years. These items will be developed indigenously for India’s armed forces.

Want to make India defence manufacturing hub: Rajnath

“Today, it gives me great pleasure to release the third positive indigenisation list of 101 defence equipment and platforms to the nation. The release of this list shows the fast pace of our self-reliance in the defence sector,” Rajnath Singh said.The list of items, which is an addition to the already existing list of weapon systems, includes naval utility helicopters, lightweight tanks, submarine-launched cruise missiles, naval anti-drone systems, battlefield surveillance radars and artillery gun systems.The government has vehemently stressed its focus to attain self-reliance in the defence sector. The aim, in line with the government’s flagship Aatmanirbhar Bharat programme, also aims at making India a defence manufacturing hub.

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