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MoD set-aside 75% of capital procurement for local industry

Updated: Feb 16, 2023 01:59:06pm
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MoD set-aside 75% of capital procurement for local industry

Bengaluru, Feb 16 (KNN) In a bold move to strengthen the country's self-reliance in defence manufacturing, the government has announced that a whopping 75 per cent of its defence capital procurement budget in 2023-24 will be reserved for the local industry.

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Addressing the 'Bandhan' and valedictory ceremony of Aero India 2023, Union Defence Minister Rajnath Singh on Wednesday said "We increased the share for the Indian defence industry to 64 per cent for 2021-22, then it increased to 65 per cent breaking the previous record and for 2022-23, we increased it to 68 per cent.”

Singh pointed out that a new era of self-reliance in India's defence sector is being paved, in which the country will move forward strongly on the path of progress with new energy, determination and enthusiasm.

As per reports, the defence ministry has so far inked over 250 MoUs at the Aero India.

Lauding Aero India 2023, the Defence Minister said, "Aero India showed the whole world that the new India's defence sector has not only become capable and enriched continuously in the last few years but is fully prepared to keep pace with the defence sector of the leading countries globally.

The event is being attended by defence chiefs, officers, and foreign delegates amongst others.  (KNN Bureau)

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