Defence Ministry earmarks 25% of Domestic Capital Procurement & Acquisition budget for Domestic Private Industry

New Delhi: The Ministry of Defence has decided to earmark 25% of Domestic Capital Procurement and Acquisition Budget, amounting to Rs 21,149.47 Crore, for Domestic Private Industry in the Financial Year 2022-23.

Further, to foster innovation and encourage technology development in Defence, it has also been decided that an amount of Rs. 1,500 Crore will be earmarked for procurement from Start-ups, including iDEX Start-up, from within the allocations for Domestic Capital Procurement. These steps will foster the growth of private industry, MSMEs and start-ups in Defence ecosystem.

Earlier, Ministry of Defence had decided to earmark 68% of Capital procurement budget for the entire domestic industry during Financial Year 2022-23. Accordingly, an amount of Rs. 84,597.89 Crore was allocated specifically for Domestic defence industry in current Financial Year.

(Defence Watch– India's Defence Business News centre that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)