Defence research and development will be opened up for industry, startups and academia with 25 per cent of defence R&D budget earmarked, according to the Union Budget 2022-23 presented by Finance Minister Nirmala Sitharaman in Parliament on Tuesday.
The Union Budget for Financial Year 2022-23, presented by Finance Minister Nirmala Sitharaman on Tuesday has given impetus to the modernization of defense services and defense security infrastructure development, including the border road infrastructure and coastal security infrastructure.
As per the budget 2022, private industry will be encouraged to take up the design and development of military platforms and equipment in collaboration with DRDO and other organizations through the SPV model.
It further informed that an independent nodal umbrella body will be set up for meeting wide-ranging testing and certification requirements.
The Government committed to reducing imports and promoting AtmaNirbharta in equipment for the Armed Forces. Around 68 percent of the capital procurement budget will be earmarked for the domestic industry in 2022-23, up from 58 percent in 2021-22, it read.
The Union Budget 2022-23 envisages a total outlay of Rs 39.45 lakh crore, out of this, the Ministry of Defence has been allocated a total budget of Rs 5.25 lakh crore, which is 13.31 percent of the total budget.
This includes an amount of Rs 1.19 lakh crore for Defence Pensions. The total Defence Budget represents an enhancement of Rs 46,970 crore (9.82 percent) over Budget Estimates 2021-22.
Through enhanced budgetary support over the years, the Government has placed modernization and infrastructure development of the Armed Forces at the center stage of the National Security and Defence Planning process.
The total allocation under Capital Outlay of the Defence Services has been increased from Rs 86,740 crore in 2013-14 to 1.52 lakh crore in 2022-23. There is an enhancement of 76 percent over a period of nine years, according to the budget.
Further, during this period, the total Defence Budget including Defence Pensions has increased by 107.29 percent, from Rs 2.53 lakh crore in 2013-14 to Rs 5.25 lakh crore in 2022-23, it added.
In a series of tweets, Defence Minister Rajnath Singh congratulated the Finance Minister on presenting an excellent Union Budget 2022-23.
He said the Budget would give a fillip to 'Make in India', boost demand and build capacities for a stronger, prosperous, and confident India.
"Congratulations to Finance Minister, Smt @nsitharaman on presenting an excellent Union Budget for 2022-23. It is a Budget that would give a fillip to 'Make in India', boost demand and build capacities for a stronger, prosperous, and confident India.#AatmanirbharBharatKaBudget," Rajnath Singh said in a tweet.
( With inputs from ANI )
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