The Defence Ministry announced today that it had set aside 64% of the capital purchase budget for domestic industry in the fiscal year 2021-22 and had "overachieved" its goal.
According to the government, domestic procurements accounted for 65.50 percent of the capital acquisition budget.
"In the financial year 2021-22, the Ministry of Defence (MoD) had designated 64% of capital acquisition budget for domestic industry," it said in a statement.
"By the end of 2021-22, the MoD has exceeded this target and had spent 65.50 percent of the capital acquisition budget on indigenous procurements through Indian industry to realise Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat,'" the statement stated.
The ministry also stated that in 2021-22, it was able to use 99.50 percent of the defence services budget.
"According to the preliminary expenditure report from March 2022, the Ministry of Defense was able to use 99.50 percent of the defence services budget in FY 2021-22," it stated.
The government has taken a number of steps in recent years to strengthen domestic defence manufacture.
In May 2020, the government stated that the automatic route FDI limit in the defence sector would be increased from 49 percent to 74 percent.
India is one of the world's top weaponry importers. The Indian armed services are expected to spend over USD 130 billion on capital procurement over the next five years, according to estimates.
The government has resolved to boost indigenous defence manufacture in order to lessen reliance on imported military platforms.