Budget 2023 | Defence sector expects mega boost in this year's allocation
Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2023 next week. One of the key sectors, Defence, is expecting a mega boost in the budget this year. Here are the key expectations, from the budget 2023.
Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2023 on February 1. One of the key sectors, defence, is expecting a mega boost in the budget this year.
As per a CNBC Awaaz scoop, the government in this budget is expected to focus on 'Make in India' and is likely to make some concrete announcements to make India self-reliant in the defence sector.
It is expected that the there will be an increase in the amount allocation by 10 to 15 percent — to increase the domestic production of the defence equipment. The boost in the expenditure of the defence sector will help the industry further in its push for 'Make in India'.
The major focus this year is on Research and Development in the defence sector. Industry experts have pushed for a space-based production linked incentive (PLI) scheme for space-tech startups to help boost local manufacturing.
It is expected that there would be a hike in the amount allocated in the budget for the procurement of new equipment as well as R&D. It will help the industry induct new technology in the sector and expand the export of defence equipment. The Micro, Small and Medium Enterprises (MSMEs) in the defence sector are also expected to get more attention in the Budget 2023.
First Published: Jan 24, 2023 3:12 PM IST
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