New era of self-reliance in India’s defence sector is being paved: Rajnath Singh
Union Defence Minister Rajnath Singh said on Wednesday that a new era of self-reliance in India’s defence sector is being paved, in which the country will move forward strongly on the path of progress with new energy, determination and enthusiasm.
Addressing the ‘Bandhan’ and valedictory ceremony of Aero India 2023, the Minister said the domestic demand must be there for creating demand for the defence industry and a record 75 per cent of defence capital procurement budget has been earmarked for domestic industry in 2023-24.
The minister said over 250 Memorandums of Understanding (MOUs) have been signed at the event.
“We increased the share for the Indian defence industry to 64 per cent for 2021-22, then it increased to 65 per cent breaking the previous record and for 2022-23, we increased it to 68 per cent,” he said.
Singh said the trust of the government and society in the country’s defence industry is growing.
“Under Amrit Kaal for our defence industry, the Indian vendor’s capital acquisition has been upgraded to 75 per cent for 2023-2024,” he said.
Singh termed the decision as an unprecedented step taken by the government at the outset of ‘Amrit Kaal’ to further strengthen the defence sector and minimize import dependency.