Govt to spend 75% defence outlay for procurement from Indian firms: Mr. Rajnath Singh
- IBEF
- February 16, 2023
According to Defence Minister Mr. Rajnath Singh, from 2023 to 2024, domestic defence producers will receive 75% of the government's overall defence capital outlay.
According to him, the decision will entail setting aside almost US$ 12.08 billion (Rs. 100,000 crores) for the purchase of military systems and equipment from Indian producers.
In an event when various agreements and technology transfer agreements were firmed up among a significant number of defence businesses that took part in Aero India 2023, Mr. Singh made the news.
The decision, according to Singh, "would further bolster the indigenous defence manufacturing sector."
He added that Aero India 2023 has demonstrated that the Indian defence industry is prepared to advance alongside leading international defence businesses.
According to him, a fresh beginning for Indian defence manufacturing will be made possible by the MoUs and technology transfer agreements signed during Aero India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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