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Business News/ News / India/  Govt reserves 25% of defence procurement budget for domestic private industry
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Govt reserves 25% of defence procurement budget for domestic private industry

These steps will foster the growth of private industry, MSMEs and start-ups in defence ecosystem, the ministry of defence said in a statement

PM Narendra Modi tries a weapon at Defence Expo | File Photo (PTI)Premium
PM Narendra Modi tries a weapon at Defence Expo | File Photo (PTI)

To promote private industry, MSMEs and start-ups in defence production ecosystem, 25% of the Domestic Capital Procurement/Acquisition Budget, amounting to 21,149.47 Cr, will be earmarked for domestic private industry in FY2022-23: Defence Ministry

To promote domestic defence production ecosystem, the Ministry of Defence has now decided that 25% of domestic capital procurement budget, amounting to 21,149 crore, will be earmarked for domestic private industry in FY23.

Further, to foster innovation and encourage technology development in defence, it has also been decided that an amount of 1,500 crore will also be earmarked for procurement from start-ups, including iDEX s-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," the ministry of defence said in a statement.

Earlier, ministry of defence had decided to earmark 68% of capital procurement budget for the entire domestic industry during fiscal 2022-23. Accordingly, an amount of 84,597 crore was allocated specifically for Domestic defence industry in current financial year.

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Published: 08 Apr 2022, 09:42 PM IST
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