Budget: Defence procurement budget raised to 68 per cent

Finance Minister Nirmala Sitharaman today announced 68 per cent of the capital procurement budget for the defence sector will be earmarked in 2022-23 for local industry. The number is up from 58 per cent in the last fiscal year.

Tabling the Union Budget for 2022-2023 in the Parliament, the Minister said, ‘defence research and development (R&D) will be opened for industry, start-ups and academia. Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purpose vehicle (SPV) model’.

‘There was a sharp increase in public investment & capital expenditure in Budget 2021-22…This Budget (2022-23) will benefit, youth, women, farmers, SC, ST… shall be guided by PM Gati Shakti master plan.’

‘Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with potential to create 60 lakh new jobs and additional production of 30 lakh crore during next Keycap digit five years’.
The Union Minister announced that 5G mobile services will be rolled out within 2022-23.

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