Govt’s Defence Purchases Hit Record High For FY22

- Advertisement -
- Advertisement -

The value of Indian defence exports for the FY22 has hit a high of Rs.12,815 crore, showing an increase from Rs.8,435 crore in FY21.

The defence procurement from MSEs in the current year, as of July 26, amounted to Rs 759 crore. (Image credit: pexels)

Defence procurement from MSMEs hit a record high for the financial year 2021-22 as per the government data. The purchase of goods and services from MSMEs during the year increased 33.8% to Rs.5,760 crore in the FY21. In comparison to pre-covid, FY22 jumped 79.7% from Rs.3,204 crore. The value of Indian defence exports during FY22 has reached Rs.12,815 crore.

Minister of State for Defence, Ajay Bhatt stated that MSMEs are the important partners in the projects of Defence research and Development Organisation (DRDO) and in turn, DRDO transfers technologies to them while sharing data in the Rajya Sabha.

- Advertisement -

“DRDO through its scheme Technology Development Scheme (TDF) funds industries, especially startups and MSMEs up to an amount of Rs 10 crore for innovation, research and development of defence technologies in the field of defence and aerospace,” said Bhatt.

Defence purchases through business-to-government(B2G) portal Government eMarketplace (GEM) has also recorded a hit of over 250% in FY22. According to the Ministry statement, procurement orders through GEM have registered an all-time high of Rs.15,047.98 crore in FY22. Similarly, the number of MSME vendors has also increased from 8,643 in FY19 to 10,506 till Q2 FY20.

“MSMEs started their journey with DPSUs as their supply chain partners but today, they have come up to a level where they are playing an important role in discharging offset obligations, revenue procurement, and also in designing, developing, and manufacturing complete defence systems by themselves,” said Dr Mayank Dwivedi, Director, Industry Interface & Technology Management (DIITM), DRDO at an event organised by PHD Chamber of Commerce and Industry in March, 2022.

The government has also introduced ‘MAKE Projects’ in Defence Acquisition Procedure (DAP) 2020 to encourage design and development of defence equipment with both government and industry funding.


 

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

Six Steps To Building Better Business Assets

0
In the journey of asset-building, solving good problems trumps battling bad ones. Dive into six essential steps for building and leveraging effective assets—the game-changer...

India’s Solar Capacity Installation Down By 44.1%, Delayed Projects To Add To 2024 Installations

0
Large-scale solar installations saw a notable decline of 50.8% YoY to 5.8 GW from 11.7 GW in 2022, constituting 77.2% of the annual capacity...

Infineon Technologies Sells Manufacturing Sites To ASE

0
This strategic move aims to balance in-house and external manufacturing for profitable growth, leveraging mutual synergies between the companies to drive industry growth and...

Buzz

Bajaj Auto And Magna Increase Their Ownership In Yulu

0
Returning investors Bajaj Auto and Magna have invested $19.25 million in shared electric mobility company Yulu as part of a Series B round of...

BIWIN And Lenovo Collaborate To Launch SSDs In India

0
Lenovo SSDs deliver high-performance storage solutions catering to both consumer and business needs. BIWIN has partnered with Lenovo to introduce the latest Lenovo-branded SSDs in...

IIT Guwahati And Edurade Launch India’s Largest Remote Pilot Training Program

0
This first-of-its-kind training program is specifically designed for Junior Commissioned Officers (JCOs) and other officers, aiming to modernise the operations of the armed forces.  The...

Important Sectors

India’s Solar Capacity Installation Down By 44.1%, Delayed Projects To Add To 2024 Installations

0
Large-scale solar installations saw a notable decline of 50.8% YoY to 5.8 GW from 11.7 GW in 2022, constituting 77.2% of the annual capacity...

Bajaj Auto And Magna Increase Their Ownership In Yulu

0
Returning investors Bajaj Auto and Magna have invested $19.25 million in shared electric mobility company Yulu as part of a Series B round of...

IIT Guwahati And Edurade Launch India’s Largest Remote Pilot Training Program

0
This first-of-its-kind training program is specifically designed for Junior Commissioned Officers (JCOs) and other officers, aiming to modernise the operations of the armed forces.  The...

Servotech Secures Order For 1500 DC Fast EV Chargers From HPCL And OEMs

0
Servotech Power Systems Ltd. secures a significant order for 1500 DC fast EV chargers from HPCL and other OEMs, valued at 102 crores, to...

CIL Announces 3GW Solar Projects, Aims For 5GW RE Addition

0
CIL is laying the groundwork for its 5 GW renewable energy goal. Coal India Limited (CIL) has announced its plans to set up 3 gigawatts...

Manufacturing

Applied Ventures Funds VVDN Technologies

0
The investment demonstrates Applied Ventures' dedication to promoting innovation, collaboration, and entrepreneurship within the semiconductor and electronics manufacturing sectors. Applied Ventures, LLC, the venture capital...

Haryana EV-CO To Manufacture L3, L5 EVs At New Plant

0
The EV maker is self-funded and operates a modern manufacturing facility with cutting-edge technology and equipment. It specializes in producing two and three-wheelers, with...
Sona Comstar

Sona Comstar: First Indian Auto Supplier With PLI Certification

0
Sona Comstar, a leading EV traction motor manufacturer in India, receives PLI certification for its electric two-wheeler traction motor. Sona BLW Precision Forgings, commonly known...

Indian Manufacturers To Get Chinese Mobile Production Orders

0
Dixon has secured an order from Oppo for making phones, with an order size of around 5-6 lakh units per month.  Chinese firms have finally...

VinFast To Begin Construction Of TN Factory On Feb 25

0
The collaboration between VinFast and the Tamil Nadu Government commenced with the signing of a Memorandum of Understanding (MoU) on January 6, 2024. This...