In a boost to the governments plans to achieve greater self-reliance in DEFENCE, India will spend 75 per cent of its defence capital in 2023-24 on procurement from the domestic , up from 68 per cent in 2022-23, Defence Minister Rajnath Singh said.
The announcement was made at the Bandhan ceremony on the sidelines of the five-day Aero India, 2023. As many as 266 partnerships were forged during the event, including 201 MoUs, 53 major announcements, nine product launches and three Transfers of Technology, worth around Rs 80,000 crore, the Defence Ministry said.
The overall Defence budget earmarked for 2023-24 is Rs 5.94 lakh crore, including pensions of Rs 1.38 lakh crore, up by 12.9 per cent from Rs 5.25 lakh crore allocated in the previous (2022-23) fiscal. This is 13.18 per cent of the total Budget outlay of Rs 45,03,097 crore.