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.
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