![Govt approves procurement of ₹70,500 cr-worth indigenously made weapons](https://images.assettype.com/fortuneindia%2F2023-03%2Fa00e8b43-2d7a-4670-b113-292e73bac971%2FDefence_1.jpg?rect=0,66,1908,954&w=300&q=95)
Govt approves procurement of ₹70,500 cr-worth indigenously made weapons
Of this, the procurement of weapons by the Indian Navy accounts for ₹56,000 crore.
Of this, the procurement of weapons by the Indian Navy accounts for ₹56,000 crore.
In the union budget for FY2023-24, the government allocated ₹5.94 lakh crore for the Ministry of Defence, which is 13.18% of the country’s total outlay of ₹45.03 lakh crore.
The exports of defence items and technology reached a whopping ₹13,000 crore in FY2021-22, which is expected to surge to ₹17,000 crore in FY23.