MoD spends 65% of FY22 capital budget on domestic procurement

Utilises 99.5% of defence services budget

The Ministry of Defence (MoD) announced on Wednesday that it had exceeded its target of spending 64 per cent of the capital acquisition budget on domestic industry in FY22.

“At the end of FY22, MoD has been able to over achieve (sic) this target and has utilised 65.5 per cent of capital acquisition budget on indigenous procurements through Indian industry to achieve Prime Minister Shri Narendra Modi’s vision of  'Aatmanirbhar Bharat' (self-reliant India),” stated an MoD press release.

“Further, as per preliminary expenditure report of March 2022, MoD has been able to utilise 99.5 per cent of the defence services Budget in