India News | Defence Ministry Exceeds Domestic Procurement Target in FY 2021-22

New Delhi [India], April 20 (ANI): In the last financial year 2021-22, the Ministry of Defence exceeded its target of spending 64 per cent of modernisation funds on buying from domestic firms.

The Ministry had earmarked 64 per cent of the Capital Acquisition Budget for the domestic industry in Financial Year (FY) 2021-22.

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"At the end of FY 2021-22, the MoD has been able to overachieve this target and has utilised 65.50 per cent of the Capital Acquisition Budget on indigenous procurements through Indian Industry to achieve Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat'," the Defence Ministry said on Wednesday.

In a bid to push Make in India in defence, the defence ministry has been sourcing equipment for military requirements from the indigenous sources and not relying on foreign vendors only.

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India spends more than Rs 2 lakh crore on different acquisitions for its military requirements and the majority of it earlier used to be through imports but the situation has changed in the last few years.

Further, as per the preliminary expenditure report of March 2022, the MoD has been able to utilise 99.50 per cent of the Defence Services Budget in FY 2021-22. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)