Budget 2024-25: Record allocation of over Rs 6.21 lakh cr for defence sector
The Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25. This comes out to be 13.04 per cent of the total Interim Budget.
The Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25. This comes out to be 13.04 per cent of the total Interim Budget.
Four positive indigenisation lists were issued for Defence Public Sector Undertakings, marking 4,666 items for indigenous production, he added.
A Self-reliance in defence sector will have middle and long-term benefits, said Defence Minister Rajnath Singh pointing out that it will help in building the foundation of a robust industrial base in India.
Indian Navy's Annual Refit Conference and Annual Infrastructure & Indigenisation Conference for the year 2022 was inaugurated by Vice Admiral MA Hampiholi, AVSM, NM, Flag Officer Commanding-in-Chief, Southern Naval Command at Headquarters, Southern Naval Command, Kochi on 31 March.
The foreign investments will be subjected to scrutiny on grounds of national security and the government will have the right to review any investment that has a bearing on the country's security.
'Efforts being made to boost defence production, develop new technology and give a big role to private players in the defence sector,' PM said.
As per the draft Defence Production and Export Promotion Policy (DPEPP 2020) announced on Monday, this list would be updated periodically, without compromising on the operational requirements of the Services, to allow lead-time to industry to prepare itself for any such procurement which is likely to come up, subsequent to the indicated embargo date.
Sitharaman announced a series of initiatives to promote indigenous defence production which included making separate budgetary outlay to procure Indian-made military hardware.
The defence budget hiked by 6 per cent to Rs 3.37 lakh crore which was earlier Rs 3.18 lakh crore. The total budget with defence pensions goes upto Rs 4.7 lakh crore.
Defence Minister Nirmala Sitharaman on Tuesday said the Defence sector was more prone to cyber threats and there was an…
