“My Ministry has planned to invest about 63% of the outlay for 2021-22 on domestic procurement, i.e. about Rs 70,221 crore for domestic defence procurement during 2021-22. This increase will have a positive impact on enhanced domestic procurement, having a multiplier effect on our industries, including MSMEs and start-ups. It would also increase employment in the defence sector,” the minister said.
Addressing a webinar on effective implementation of the Union Budget’s provisions in the defence sector, he said the Ministry of Defence has notified a ‘Negative list’ of 101 items for which there would be an embargo on import beyond the timeline indicated against them. “This is a big step towards achieving self-reliance in defence. This would offer a great opportunity to the Indian defence industry to manufacture these items using their own design and development capabilities to meet the requirements of the Armed Forces in the coming years,” Singh said.
A total amount of Rs 4.78 lakh crore has been earmarked for the defence ministry in the 2021-22 budget, with a nearly-19-per cent increase in capital outlay. “India plans to spend 130 billion dollars on military modernization in the next five years.
$100 mn defence deal signed with Mauritius
India on Monday extended a USD 100 million Line of Credit to Mauritius to facilitate the procurement of Indian defence equipment, as the two countries signed a landmark Comprehensive Economic Cooperation Partnership Agreement following talks between External Affairs Minister S Jaishankar and Mauritius Prime Minister Pravind Jugnauth here.
Jaishankar, who arrived in Mauritius on Sunday, reviewed comprehensive and important bilateral relationship during his meeting with the Indian-origin Prime Minister. Mauritius is one of India’s key maritime neighbours in the Indian Ocean Region and occupies a special place in the Prime Minister’s vision of SAGAR’ (Security and Growth for All in the Region).