New Delhi, Feb 1 Union Defence Minister Rajnath Singh on Tuesday said that the Union Budget would give fillip to 'Make in India', boost demand and build capacities for a stronger, prosperous and confident India.
Congratulating Finance Minister Nirmla Sitharaman in a series of tweets, Singh said, "Congratulations to Finance Minister, Smt @nsitharaman on presenting an excellent Union Budget for 2022-23. It is a Budget which would give fillip to 'Make in India', boost demand and build capacities for a stronger, prosperous and confident India."
"The Budget outlines the Government's focus on Atamnirbharata and Prime Minister Narendra Modi's vision for development and pro people reforms. It is a growth oriented Budget focused on harnessing the energies of New India," he said.
The Defence Minister also welcomed the funds allocated for Research and Development in several sectors including Defence. "Substantial amounts have been allocated towards Research and Development in several sectors including Defence. The proposal to reserve 25 per cent of the R&D Budget for Startups and Private entities is an excellent move," he said.
He mentioned that the bulk of the money will be going into the development of social and physical infrastructure in the country. "This year's Budget has increased the total outlay for effective capital expenditure by a massive 35.4 per cent to more than Rs 10.6 lakh crore with the bulk of the money going into the development of social and physical infrastructure in the country," he said.
Singh said that the 68 per cent of defence capital procurement budget has been allocated towards local procurement and it is in line with the 'Vocal for Local' push and it will certainly boost the domestic defence industries.
"Digitalisation of land reforms will transform India's rural economy and it will go a long way in creating new opportunities for the farmers and the agriculture sector. I wholeheartedly welcome this year's Budget announcements," the Defence Minister added.
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