- News>
- Economy
India has been focussing on `aatmanirbharta` in its defence sector, says PM Modi
PM Modi said that even during British rule and right after independence, India`s defence manufacturing strength was very high.
Highlights
- He noted that the commitment towards self-reliance can be seen in the recently introduced Union Budget.
- Finance Minister Nirmala Sitharaman had said that the government is committed to promoting self-reliance in the defence sector.
- She said that the local industry would receive 68 per cent of the capital allocated to the defence sector.
New Delhi: Prime Minister Narendra Modi, on Friday (February 25), said that India has been focussing on 'aatmanirbharta' in its defence sector adding that the commitment towards self-reliance can be seen in the recently introduced Union Budget.
While delivering the inaugural address at the post-budget webinar ‘Aatmanirbharta in Defence-Call to Action', Modi said even during British rule and right after independence, India’s defence manufacturing strength was very high.
“In WWII, arms manufactured in India played a major role. However, in the following years, this strength weakened. But this shows that India never had a dearth of capabilities,” he added.
During the Union Budget 2022 presentation, Finance Minister Nirmala Sitharaman had said that the government is committed to reducing imports and promoting self-reliance in the defence sector.
She said that the local industry would receive 68 per cent of the capital allocated to the defence sector, adding that 5% of the Universal Service Obligation (USO) Fund would be allocated to research and development and technology upgrades. Also Read: Sensex, Nifty rebound 2% tracking recovery in Asian markets
"Contracts for laying optical fibre net to all villages under BharatNet will be provided on a PPP basis," she added. Also Read: T+1 settlement cycle kicks in from today on NSE, BSE: Here’s how investors will benefit
#mute