In a significant announcement, Defence Minister Rajnath Singh on Wednesday said the government will spend 75 per cent of the total defence capital outlay for procurement from domestic defence manufacturers from 2023-24.
The decision will mean setting aside of around Rs 100,000 crore for procurement of military platforms and equipment from the Indian manufacturers, he said.
Singh made the announcement at an event where several agreements and technology transfer agreements were firmed up among large number of defence companies which participated in Aero India 2023.
"It is a very significant decision which will further strengthen the domestic defence manufacturing sector," Singh said.
He also said that Aero India 2023 has shown that the Indian defence sector is ready to march ahead along with top global defence companies.
The MoUs and technology transfer agreements signed during Aero India will facilitate a new beginning for defence manufacturing in India, he said.
A new chapter in India's aerospace sector has begun today, he said referring to the agreements.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
