Union Budget 2022: 68 Per Cent Of Capital Procurement Budget For Defence To Be Earmarked For Domestic Industry

Union Finance Minister Nirmala Sitharaman on Tuesday (1 February) presented the Union Budget 2022-23 in the Parliament.

In the budget speech, the Finance Minister announced that 68% of the capital procurement budget for defence will be earmarked for domestic industry.

This will be to promote Aatmanirbhar Bharat and reduce dependence on imports. This is up from the 58% last fiscal year.

She also announced that defence R&D will be opened up for industry and start-ups whilst adding that an umbrella body will be be set up for certification of defence equipment.