Earmarking 25% of Defence R&D Budget for Industry, Startups, Academia is Forward Looking Measure: Baba Kalyani

Mumbai: Bharat Forge’s Chairman and Managing Director (CMD) Baba N. Kalyani has congratulated Finance Minister Nirmala Sitharaman for a “growth-propelling budget”.

Sitharaman presented the Union Budget 2022-23 on Tuesday (February 1) in the Lok Sabha.

Also read: Budget 2022: 68% of Defence Capital Procurement Budget to be Earmarked for Domestic Industry

Sharing his views on the budget, Kalyani said, “I would like to congratulate the Hon’ble FM for a growth propelling budget with significant thrust on enhancing competitiveness, infrastructure development, holistic digital drive and promoting financial inclusion. The proposed New legislation for SEZs with states as partners coupled with heightened emphasis on the seven engines under PM Gati Shakti initiative should pave way for a New India that is recognised for its Speed, Productivity and Scale; thus, boosting the country’s overall investment attractiveness and export competitiveness.”

He also lauded the government’s move to earmark 68% of the defence capital procurement budget for domestic industry.

“Aligned with the Hon’ble Prime Minister’s AatmaNirbhar Bharat agenda, the Government’s commitment to promote self-reliance and indigenisation by leveraging Indian Industry is once again reinforced with the 68% (enhanced) domestic allocation for defence capital procurement.

“Earmarking 25% of Defence R&D budget for Industry, Start-ups & Academia is a forward looking measure that will pave way for investments in frontier technologies and capability development. Industry in partnership with DRDO through SPV mode for development of critical weapon systems and military platforms is a path-breaking reform that will significantly transform the Indian defence eco-system and lead India to being a net-exporter of defence equipment/platforms,” he opined.

Further, he stated, “I should particularly laud the thrust given to new-age technologies and wider adoption of digital platforms in Healthcare, Education, FinTech, Agriculture among others. Exclusive policy on Battery swapping, special mobility zones and incentivising clean-technologies in public transport should lead to accelerated adoption of Electric Vehicles across the country.

“The increased outlay towards manufacturing of High Efficiency modules for Solar Power and strong emphasis on Circular Economy transition reinforces India’s commitment to Global Climate Action and Sustainable Technologies.”

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