75 pc of defence capital outlay for procurement from domestic industries: Singh

India will spend 75 per cent of the total defence capital outlay for procurement from domestic defence manufacturers in 202324 Defence Minister Rajnath Singh said on Wednesday in a significant decision aimed at boosting the indigenous production of various weapons and military platformsThe move will mean setting aside of around Rs one lakh crore for procurement from domestic sources out of the total defence capital outlay of Rs 162600 crore announced in the Union Budget for the next fiscal officials saidAccording to official data the value of Indias indigenous defence production from 201920 to 202122 was Rs 258 lakh croreIn 202021 the government had set aside 58 per cent of defence capital outlay for procurement from the Indian defence industry which was increased to 64 per cent in 202122 The allocation was further enhanced to 68 per cent in 202223Officials said over 250 businesstobusiness pacts and MoUs were firmed up at Aero India which are estimated to unlock investment to the tune of over Rs 79000 croreThe defence minister made the announcement of increasing the allocation further at an event where several agreements and technology transfer pacts were firmed up among a large number of defence companies which participated in Aero India 2023The trust of the government and the society in our defence industry is increasing so much The share of procurement from Indian vendors last year was 68 per cent Inspired by the Amrit Kaal that share has been directly increased to 75 per cent he saidAlso Read Rahul Gandhi should not play with Indias pride and prestige Defence Minister Rajnath SinghIf you take one step the government has promised that it will take 10 steps forward for that You talked to us about land to run on the path of development But looking at your speed and height we are moving towards providing you the full sky Singh said drawing loud applause from representatives of domestic defence firmsThe defence minister described the decision to enhance the allocation for the domestic industries as a very significant one for overall growth of the domestic defence sectorAfter this step our defence industry will move forward with even more enthusiasm and will contribute in making the countrys defence manufacturing sector more powerful and prosperous Singh saidIt is a matter of great pleasure that AeroIndia 2023 witnesses this unprecedented decision he saidSingh said AeroIndia 2023 inspired all the stakeholders to take a resolution that we will not get tired anywhere on the path of our progressThe 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru was inaugurated by Prime Minister Narendra Modi on Monday and it saw participation of over 700 defence firms and representatives of around 100 countriesThough the government had set aside 64 per cent for procurement from domestic suppliers the actual figure was 65 per cent as against the original allocation according to official dataIn his address Singh also said that Aero India 2023 has shown that the Indian defence sector is ready to march ahead along with top global defence companiesThe MoUs and technology transfer agreements signed during Aero India will facilitate a new beginning for defence manufacturing in India he saidA new chapter in Indias aerospace sector has begun today he said referring to the agreementsNeither will we stop in the face of any obstacle nor will we bow down in front of any problem I am sure that this resolution will always remain in our mind he saidAero India was aimed at promoting export of indigenous platforms like Light Combat Aircraft LCATejas HTT40 Dornier Light Utility Helicopter LUH Light Combat Helicopter LCH and Advanced Light Helicopter ALHThe Defence Ministry has set a goal of a turnover of USD 25 billion Rs 175 lakh crore in defence manufacturing by 202425 that included an export target of USD 5 billion Rs 35000 crore worth of military hardwareIn the last few years the government has taken a series of measures to promote domestic defence productionThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever