25 % procurement budget for Private Sector

25 % procurement budget for Private Sector

Sat, 04/09/2022 - 12:49
Posted in:

New Delhi, Apr 8

In continuation with Government’s efforts to promote Private Industry, MSMEs and Start-ups in defence production ecosystem, the Ministry of Defence has now decided that 25% of Domestic Capital Procurement/ Acquisition Budget, amounting to Rs. 21,149.47 Crore, will be earmarked for Domestic Private Industry in the Financial Year 2022-23. Further, to foster innovation and encourage technology development in Defence, it has also been decided that an amount of Rs. 1,500 Crore will be earmarked for procurement from Start-ups, including iDEX Start-up, from within the allocations for Domestic Capital Procurement. These steps will foster the growth of private industry, MSMEs and start-ups in Defence ecosystem.

Earlier, Ministry of Defence had decided to earmark 68% of Capital procurement budget for the entire domestic industry during Financial Year 2022-23. Accordingly, an amount of Rs. 84,597.89 Crore was allocated specifically for Domestic defence industry in current Financial Year.

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