Bandhan ceremony witnesses forging of 266 partnerships, worth around Rs 80,000 crore
Record 75 per cent (approx. Rs one lakh crore) of the defence capital procurement budget has been earmarked for domestic industry in FinancialYear (FY) 2023-24, up from 68 per cent in 2022-23. This was announced by Raksha Mantri Shri Rajnath Singh during the Bandhan ceremony of 14th Aero India in Bengaluru on February 15, 2023. 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). Capital outlay pertaining to modernisation and infrastructure development has been increased to Rs 1.63 lakh crore.
Shri Rajnath Singh termed the decision as an unprecedented step taken by the Government at the outset of ‘Amrit Kaal’ to further strengthen the defence sector and minimise import dependency.
The Bandhan ceremony also witnessed the forging of 266 partnerships including 201 MoUs, 53 major announcements, nine product launches and three Transfers of Technology, worth around Rs 80,000 crore.