Economic Growth Estimated At 9.2%, 68% Defence Procurement Budget To Domestic Industries: FM Sitharaman

Finance Minister Nirmala Sitharaman on Tuesday said that overall sharp rebound and recovery of the economy was reflective of India’s strong resilience, while presenting the Union Budget.

“Overall sharp rebound and recovery of the economy are reflective of India's strong resilience”, she said in her address to the Parliament today.

The Finance Minister said that India’s economic growth in the current year was estimated to be 9.2 percent, the highest among all large economies, reported ANI.

She said, “During Amrit Kaal, our government aims to achieve the vision for India@100 set out by the Prime Minister in his Independence Day Address”.

Sitharaman also said that India will earmark 68 percent of its capital procurement budget of the defence sector for the domestic industry to reduce dependence on imports of defence equipment.

While presenting the budget, she said that the 68 percent of the capital procurement budget for the Defence will be allocated for the domestic industry to promote Aatmanirbhar Bharat. This is up from 58 percent in the last fiscal year.

She announced that defence research and development (R&D) will be opened for industry, start-ups and academia.

Private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with Defence Research and Development Organisation (DRDO) and other organizations through the special purposive vehicle (SPV) model, she said.