Utilised 65.5% of capital budget on indigenous procurement: MoD

The on Wednesday mentioned it had put aside 64 per cent of the capital acquisition funds for home business within the monetary 12 months 2021-22 and has been capable of “over achieve” the goal.

The ministry mentioned it has utilised 65.50 per cent of the capital acquisition funds on making procurements from home sources.

“The Ministry of Defence (MoD) had earmarked 64 per cent of capital acquisition budget for domestic industry in financial year 2021-22,” it mentioned in an announcement.

“At the end of 2021-22, the MoD has been able to over achieve this target and has utilised 65.50 per cent of capital acquisition budget on indigenous procurements through Indian industry to achieve Prime Minister Narendra Modi’s vision of ‘Aatmanirbhar Bharat’,” it mentioned.

The ministry additional mentioned that it has been capable of utilise 99.50 per cent of the defence companies funds in 2021-22.

“As per preliminary expenditure report of March 2022, MoD has been able to utilise 99.50 per cent of the defence services budget in FY 2021-22,” it mentioned.

In the previous few years, the federal government has taken a sequence of measures to spice up home defence manufacturing.

In May 2020, the federal government introduced growing the FDI restrict from 49 per cent to 74 per cent beneath the automated route within the defence sector.

India is among the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend round USD 130 billion (in capital procurement within the subsequent 5 years.

The authorities now needs to scale back dependence on imported navy platforms and has determined to help home defence manufacturing.

(Only the headline and movie of this report might have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)

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