75% defence capex allocated for local firms, up from 68%: Rajnath Singh

Defence minister Rajnath Singh said a record 75% - approximately Rs 1 lakh crore - of the defence capital procurement budget has been earmarked for domestic industry in 2023-24, up from 68% in 2022-23. He spoke during the Bandhan ceremony of Aero India, which saw 266 MoUs signed.
In 2023-24, MoD allocated a budget of Rs 5.9 lakh crore, which is over 13% of the total budget; capital outlay has increased to Rs 1.6 lakh crore. Singh termed the decision an unprecedented step at the outset of "Amrit Kaal" to further strengthen the defence sector and minimise import dependency. The Bandhan ceremony also saw 53 major announcements, nine product launches and three transfers of technology, worth Rs 80,000 crore.