Recently, the Hon’ble Prime Minister Shri Narendra Modi addressed the webinar on effective implementation of the Union Budget provisions in the defence sector. During his address, the Prime Minister said that the webinar was of great significance as it focused on the important issue of making the country’s defence sector self-reliant.
The Prime Minister said that the defence corridors that are being built in the country today would also help local entrepreneurs and local manufacturing. That is, today, self-sufficiency in our defence sector has to be seen as the empowerment of these two fronts – “Jawan as well as Youth”.
The key announcements in the Union Budget related to Defence Sector are as follows and we seek ideas and suggestions from the public and other stakeholders on the same:
• Budgeted expenditure for capital outlay in defence increased by approx. 19%, highest in 15 years
• Disinvestment aimed in the sector to increase opportunities for private players
• Reduction in customs duty rates to nil for import of parts by public sector units (under Ministry of Defence) for manufacturing of aircrafts and parts
Last date of submission is 31st March 2021
