Budget 2022: India to become 'self-reliant' in defence sector, emphasis on exports
Budget 2022: India to become 'self-reliant' in defence sector, emphasis on exports

New Delhi: Union Finance Minister Nirmala Sitharaman today presented the country's general budget. During this time, she talked about being 'self-reliant' in the defence sector. She announced that 25 per cent of the budget of Defence Research and Development will be earmarked for domestic private industries, startups and education. Sitharaman also announced that 68 per cent of the budget in 2022-23 has been earmarked for purchase from the domestic industry. That is, with this money, weapons will be purchased from indigenous defence companies only.

Earlier, in 2021-22, 58% of the budget was kept for domestic procurement. In 2019-20, it was 63%. She also said that a nodal agency will be set up, which will meet the requirements of testing and certification. This announcement for the defence sector has been welcomed by the Society of Indian Defence Manufacturing. The society's head, SP Shukla, said it will also sustain the investment and increase the capacity. She said the formation of the nodal agency will give a boost to domestic industries.

India has been constantly pushing for reducing its defence imports and increasing exports. In response to a question in December 2021, the government had informed the Lok Sabha that it had exported Rs 1,940.64 crore in 2014-15, which has increased to Rs 8,434.34 crore. India has set a target of exporting defence equipment worth Rs 35,000 crore by 2025. With this, the turnover of the domestic defence industry is targeted to reach Rs 1.75 lakh crore. 

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