India Union Budget 2022: Defence R&D to be opened up for startups

As India's defences face multiple challenges across the country, India's finance minister Nirmala Sitharaman during the Budget 2022 presentation in Parliament announced a plan to boost the defence sector.

Budget 2022: Key highlights in the defence sector:

• 68 per cent of capital for the defence sector to be earmarked for local industry which is up from the 58 per cent from last fiscal.

• Defence R&D to be opened up for startups, industry and academia with 25 per cent of defence R&D budget.

• Private players to be encouraged to take up the design and development of military platforms in collaboration with DRDO.

• Promote Aatmanirbharta and reduce dependence on imports of defence equipment.