BENGALURU: The Bandhan ceremony, organised as part of the 14th edition of Aero India, witnessed the forging of 266 partnerships, including 201 memorandums of understanding, 53 major announcements, nine product launches and three transfers of technology (ToTs), worth around Rs 80,000 crore. Defence Minister Rajnath Singh announced that a record 75 per cent of the defence capital procurement budget has been earmarked for the domestic industry in the Financial Year 2023-24.
Speaking at the Bandhan event here on Wednesday, Singh emphasised that the partnerships forged with friendly countries will take their bilateral collaboration with India to the next level. “The MoUs and ToTs completed during Bandhan will pave the way for enhanced foreign direct investment in defence and take manufacturing in the sector to greater heights,” he said, defining Bandhan as not just an agreement between two sides limited to economic benefit, but a new resolution to bolster the nation in the defence domain.
Beginning of a new era of ‘Aatmanirbharta’, says Rajnath
Terming the decision to earmark 75% (approximately Rs 1 lakh crore) of the defence capital procurement budget for domestic industry, which was 68% in 2022-23, Rajnath Singh said it is an unprecedented step taken by the government with the onset of ‘Amrit Kaal’ to further strengthen the defence sector and minimise import dependency.
In FY 2023-24, the defence ministry has been allocated a total budget of Rs 5.94 lakh crore, which is 13.18 per cent of the total budget (Rs 45.03 lakh crore). Capital outlay pertaining to modernisation and infrastructure development has been increased to Rs 1.63 lakh crore.
Stating that Aero India paved a new way to strengthen the Indian defence industry, Singh said it is the beginning of a new era of ‘Aatmanirbharta’. “Aero India showcased to the world the new defence sector of new India, which has not only grown in the last few years, but is now fully ready to walk alongside the defence sectors of leading countries,” he said.
He said Karnataka has been consistently contributing to the country’s economic progress and there could be no better place than Karnataka to organise Aero India. CM Bommai said of the 201 MoUs signed at Bandhan, 32 MoUs are related to public and private establishments in Karnataka. “The state has attracted an investment of Rs 2,903 crore.”
Avoid Ballari Rd
The police have advised people to avoid using Ballari Road on Thursday and Friday as a large number of people are expected to attend Aero India