Business

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.)

Dear Reader,

Business Standard has at all times strived exhausting to offer up-to-date data and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on how one can enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough occasions arising out of Covid-19, we proceed to stay dedicated to maintaining you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nevertheless, have a request.

As we battle the financial affect of the pandemic, we want your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from a lot of you, who’ve subscribed to our on-line content material. More subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We imagine in free, truthful and credible journalism. Your help via extra subscriptions may also help us practise the journalism to which we’re dedicated.

Support high quality journalism and subscribe to Business Standard.

Digital Editor





Source hyperlink

Leave a Reply

Your email address will not be published.

close