Asianet NewsableAsianet Newsable

Historic! Defence ministry has already crossed its 'buy local' budget

The MoD has utilised 65.5 per cent of the Capital Acquisition Budget on domestic procurement in 2021-22 against the set target of 64 per cent

Defence ministry has already crossed its 'buy local' budget
Author
New Delhi, First Published Apr 20, 2022, 9:08 PM IST

In a major achievement, the ministry of defence has claimed that it has utilised 65.5 per cent of the Capital Acquisition Budget on domestic procurement in 2021-22 against the set target of 64 per cent. 

In a press statement, the ministry said that it had earmarked 64 per cent of the capital acquisition budget for the domestic industry in the financial year 2021-22.

Also Read: Why submarine INS Vagsheer will be a lethal 'hunter-killer'

It further said that at the end of the financial year, the ministry has been able to overachieve this target on indigenous procurements through Indian industry to achieve Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat'. 

In order to give an impetus to the domestic industries, the government has taken a slew of steps to ramp up the manufacturing sector. Among the measures it has taken include raising the FDI limit to 74 per cent from 49 per cent under the automatic route.

Aiming to become self-reliant in the defence sector, the government has started focussing on reducing the dependence on imports. Around 2500 defence items have been banned from import. 

A senior defence ministry official also credited the private players for this achievement. 'We are trying to remove all the barriers they have been facing. We appreciate that the defence industries are equipping themselves with modern technologies,' the statement said.

With the support from the government, some private defence firms are also trying to tap the overseas markets. 

Indian Defence Security Homeland Company MKU has been contributing to making the Philippines’ armed forces modern. Aiming to counter the Chinese belligerence in the Indo-Pacific region, the Philippines government has initiated a process to make its forces advanced and lethal. 

'It gives us great pride, as Indians, to be able to support the Philippines Government’s modernization drive,' MKU's Chairman Manoj Gupta said. 

'MKU has been a part of this effort for more than three years, via ballistic and optronic solutions that we have successfully delivered to the Government of the Philippines. We hope to present our best and latest defence and security solutions, in our effort to broaden horizons for defence technology globally. We are proud of being able to make in India, for the world,' he added.

The Philippines government has provisioned an aggregate budget of $40 billion for a period of 15 years to strengthen its armed forces.

In the last three years, MKU has handed over 11,000 pieces of body armour, 16,000 helmets, and about 600 night-vision devices to the Philippine Army, the Philippine International Trading Corporation, and the Philippine National Police.

Also Read: 2nd Russia-made S-400 Triumf missile system is on its way to India

Watch: Israel tests $3.50 laser shot to knock out UAVs, rockets, mortars

Follow Us:
Download App:
  • android
  • ios