Defence Ministry utilises 65.50% of Capital Acquisition Budget on domestic procurement in FY 2021-22

New Delhi: Implementing the Prime Minister Narendra Modi's vision of Self Reliance or Aatm Nirbharta in Defence Sector, the Ministry of Defence (MoD) has achieved more than its target of utilizing 64 per cent of the Capital Acquisition Budget earmarked for the domestic industry in Financial Year (FY) 2021-22.

As per the Ministry of Defence statement, the ministry has utilized 65.50 per cent of Capital Acquisition Budget on indigenous procurements through Indian Industry at the end of FY 2021-22.

It further said, as per the preliminary expenditure report of March 2022, the Defence Ministry has been able to utilise 99.50 per cent of the Defence Services Budget in FY 2021-22.

In the Union Budget 2022-23 presented this year, the target has been further enhanced to 68 percent of the military's capital acquisition budget, or Rs 84,598 crore has been earmarked for purchasing locally produced weapons and systems to boost self-reliance in the defence sector. Besides, 25% of the defence R&D budget has been set aside for private industry, startups and academia to encourage them to pursue the design and development of military platforms.

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