NEW DELHI: India will hold off on importing 101 items of military equipment in an effort to boost domestic defence production, Defence Minister Rajnath Singh said Sunday.
Singh said a separate budget of nearly Rs520 billion ($7 billion) has been created for domestic capital procurement this fiscal year.
MoD has also bifurcated the capital procurement budget for 2020-21 between domestic and foreign capital procurement routes. A separate budget head has been created with an outlay of nearly Rs 52,000 crore for domestic capital procurement in the current financial year.
— Rajnath Singh (@rajnathsingh) August 9, 2020
“The embargo on imports is planned to be progressively implemented between 2020 to 2024,” Singh wrote in a series of tweets.
“Our aim is to apprise the Indian defence industry about the anticipated requirements of the Armed Forces so that they are better prepared to realise the goal of indigenisation.”