75% of defence capital procurement budget reserved for domestic industry

The Government has earmarked record 75 percent (approx. Rs. 1 lakh crore) of the defence capital procurement budget for domestic industry in Financial Year (FY) 2023-24, up from 68 percent in 2022-23. Further, in FY 2023-24, Ministry of Defence (MoD) has been allocated a total Budget of Rs 5.94 lakh crore, which is 13.18 per cent of the total budget (Rs 45.03 lakh crore). Noteworthy, the Capital outlay pertaining to modernisation and infrastructure development has been increased to Rs 1.63 lakh crore.