Centre committed to reduce imports in defense sector, says Nirmala Sitharaman

With an aim to futher the mantra of 'self-reliance' in defence sector, the finance minister in her budget speech said that the government is ready to reduce imports and promote self-reliance in the defence sector.

Outlining the plan, she said that 68 per cent of capital for the defence sector would be earmarked for the local industry.

Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation."Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode," she added.

Further, she noted that risks of climate change are the strongest externalities for the world and a low carbon development strategy would open employment opportunities.