<span style="color: #222222;">Raksha Mantri Rajnath Singh on Wednesday announced that a record 75 per cent of the defence capital procurement budget has been earmarked for domestic industry in 2023-24.<br />''<br />'' He said this while addressing the gathering during the Bandhan ceremony of 14th Aero India in Bengaluru. In 2023-24, the Ministry of Defence has been allocated a total Budget of 5.94 lakh crore rupees, which is 13.18 per cent of the total budget. Capital outlay pertaining to modernisation and infrastructure development has been increased to 1.63 lakh crore rupees.<br />''<br />''Mr. Singh termed the decision as an unprecedented step taken by the Government at the outset of 'Amrit Kaal' to further strengthen the Defence sector and minimise import dependency. <br />''<br />''He exuded confidence that with this step, the Indian industry will come forward with more enthusiasm and contribute in making the Defence sector more powerful and prosperous. He highlighted that in the last few years, a domestic industry-friendly environment has been created in the country which provides a runway for the local companies to grow.<br />''<br />''The Bandhan ceremony also witnessed the forging of 266 partnerships including 201 MoUs, 53 major announcements, nine product launches and three Transfers of Technology, worth around 80 thousand crore rupees. </span><br />