Rajnath Singh: During Aero India 2023, the Defence Minister of India, Rajnath Singh, announced a major decision on Wednesday. According to the announcement, starting from 2023-24, the Indian government will allocate 75% of its total defence capital outlay for procurement to domestic defence manufacturers. The move aims to boost the country’s self-reliance in defence production and technology.
What did defence minister Rajnath Singh say?
This decision will result in around Rs 100,000 crore being set aside for the purchase of military platforms and equipment from Indian manufacturers, providing a much-needed stimulus for the indigenous defence industry. In addition, a large number of defence companies, which participated in the event, formed agreements and technology transfer deals, promising to help India achieve its goals in the defence sector.
Rajnath Singh said, “It is a very significant decision which will further strengthen the domestic defence manufacturing sector.” This decision will result in approximately Rs 100,000 crore being set aside for military platform and equipment procurement from Indian manufacturers.
New chapter in India’s aerospace sector: Rajnath Singh
Singh stated this information at Aero India 2023, an event that saw a significant number of agreements and technology transfer agreements being signed between numerous defence companies. He also stated that the Indian defence sector is prepared to advance alongside the top global defence companies, and the MoUs and technology transfer agreements signed during the event will pave the way for a new era of defence manufacturing in India. He referred to these agreements as the start of a new chapter in India’s aerospace sector.
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