75 pc of defence capital budget earmarked for domestic industry in 2023-24: Rajnath Singh at Aero India

Bengaluru (Karnataka) [India], February 15 : Union Defence Minister Rajnath Singh said on Wednesday that a new era of self-reliance in India's defence sector is being paved, in which the country will move forward strongly on the path of progress with new energy, determination and enthusiasm.
Addressing the 'Bandhan' and valedictory ceremony of Aero India 2023, the Minister said the domestic demand must be there for creating demand for the defence industry and a record 75 per cent of defence capital procurement budget has been earmarked for domestic industry in 2023-24.
The minister said over 250 Memorandums of Understanding (MOUs) have been signed at the event.
"We increased the share for the Indian defence industry to 64 per cent for 2021-22, then it increased to 65 per cent breaking the previous record and for 2022-23, we increased it to 68 per cent," he said.
Singh said the trust of the government and society in the country's defence industry is growing.
"Under Amrit Kaal for our defence industry, the Indian vendor's capital acquisition has been upgraded to 75 per cent for 2023-2024," he said.
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 minimize import dependency.
"If you take one step, the government promises to take ten steps forward. You spoke of land to run on the path of development. We are providing you full sky. Earmarking three-fourth of the capital procurement budget for the local industry is a step in that direction," he said.
Lauding Aero India 2023, the Defence Minister said that it showed a new defence sector of the new India to the whole world.
"Aero India showed the whole world that the new India's defence sector has not only become capable and enriched continuously in the last few years but is fully prepared to keep pace with the defence sector of the leading countries globally," he said.
Defence chiefs, officers, and foreign delegates were present at the event.
Singh expressed confidence that after events like Aero India 2023, the defence industry will come forward with more enthusiasm and will contribute in making the country's defence sector more powerful.
Prime Minister Narendra Modi inaugurated Aero India 2023 on Monday at the Air Force Station in Bengaluru's Yelahanka.
India's growth in aerospace and defence capabilities are being showcased during Aero India 2023. Rajnath Singh attend several events at Aero India 2023 and also held bilateral meetings.
He congratulated people associated with Aero India 2023. "This event inspires us to take a resolution that we will not get tired on the path of our progress. We will never stop."