Finance minister Arun Jaitley, who presented the Union Budget for fiscal 2015-16 in the Lok Sabha said that the Prime Minister Narendra Modi-led government would allocate Rs 2, 46, 727 crore in the defence sector.
“Defence of each square inch of our motherland comes before anything else. So, far as we have been dependent on imports with attendant to ample spin-offs. Our government is already permitted FDI in defence so that Indian controlled entities also become manufacturers of defence equipment not only for us but for export,” he said.
“We are thus pursuing the ‘Make in India’ policy to achieve greater self-sufficiency in the area of defence equipment, including aircraft.
Members of this august House would have noted that we have been both transparent and quick in making defence equipment related purchase decisions. This year keeping our defence forces ready for any eventuality. This year I have provided adequately for the needs of the armed forces as against the expenditure of the current year at Rs 2, 22, 370 crore, the budget allocation for 15-16 is Rs 2, 46, 727 crore,” he added.