New Delhi: Union Defence Minister Rajnath Singh said on Friday that his ministry would form a panel with representatives from all three services to monitor its budget spending in order to utilise it in time, PTI reported.
Addressing a post-budget webinar, Singh said that the government's decision to reduce imports on defence and modernise armed forces with indigenous technology had boosted the current budget.
He said that the ministry has taken into consideration all the suggestions received and has drawn an action plan for time-bound implementation of the budget proposals, aligning with atmanirbharata (self-reliance) in defence. He would sanction a minimum of five projects to promote industry-led research and development (R&D) under the Make-I during the financial year 2022-23.
The Union government funds 90 per cent for the projects under 'Make-I'. Funds will be released in a phased manner and based on the progress of the scheme, according to terms agreed between the Ministry of Defence and the vendor.
Rajnath Singh said that the ministry would come up with IDEX-Prime to support projects requiring support beyond ₹ 1.5 crores up to ₹ ten crores, which would help ever-growing startups in the defence sector. They have been progressively increasing the capital procurement budget for the domestic industry, with 68 per cent allocated for 2022-23.
He assured that the domestic industry could fully absorb this enhanced budget. The government will continue its pro-industry policy initiatives to promote Make in India with greater zeal.