Ensuring adequate budgetary support to the Defence Sector will be the priority of the Government. Presenting the General Budget 2018-19 in Parliament today, the Union Minister for Finance and Corporate Affairs, Arun Jaitley said that a lot of emphases has been given to modernizing and enhancing the operational capability of the Defence Forces over the last three and a half years.
The Finance Minister appreciated the stellar role played by the Armed Forces in meeting the challenges on the country’s borders as well as in managing the internal security environment both in Jammu and Kashmir and the North East.
A number of initiatives have been taken to develop and nurture intrinsic defence production capability to make the Nation self-reliant for meeting our defence needs, the Finance Minister explained.
Arun Jaitley said that private investment in defence production has been opened up including liberalizing foreign direct investment. The Government will take measures to develop two defence industrial production corridors in the country. The Government will also bring out an industry-friendly Production Policy 2018 to promote domestic production by public sector, private sector and MSMEs, he said.