Industry leaders praise the ₹6.22 lakh crore defence outlay in the Union Budget, highlighting its role in strengthening India's defence capabilities and promoting self-reliance. The initiatives, supporting the 'Atmanirbhar Bharat' and 'Viksit Bharat 2047' visions, are seen as a robust blueprint for inclusive development.

On Tuesday, industry leaders enthusiastically endorsed the Rs 6.22 lakh crore defence budget allocation, calling it a 'landmark' move and a 'robust blueprint' for India's inclusive growth.

Ashish Saraf, Thales India's vice president and country director, praised the Union Finance Minister and the government for their 'strong commitment to national security and technological advancement,' reflected in the 2024-25 budget.

The ₹6,21,940.85 crore allocation, constituting 12.9 percent of the total budget, highlights the government's focus on bolstering defence capabilities. Of this, ₹1,72,000 crore is earmarked for enhancing the Indian armed forces' capabilities with new advanced technology equipment.

Saraf added that ₹1,05,518.43 crore allocation for domestic procurement will drive the 'Atmanirbhar Bharat' initiative, boosting self-reliance in defence manufacturing and exports. The ₹518 crore iDEX scheme funding will foster innovation among start-ups, MSMEs, and innovators in the defence sector.

These initiatives align with the 'Make in India' vision and the broader goal of 'Viksit Bharat 2047,' positioning India as a global leader in defence technology and innovation, Saraf noted.

Thales is committed to supporting India's transformative efforts, leveraging global expertise for self-reliance and excellence in defence, said Saraf.

Baba Kalyani, Chairman and MD of Bharat Forge Ltd, lauded the budget for its emphasis on strengthening fundamental pillars to propel the economy toward 'Viksit Bharat.'

Concurrent initiatives like the Critical Minerals Mission and Small Modular Nuclear Reactors strategy amplify the 'Aatmanirbhar Bharat' agenda, Kalyani added.

Capt Nikunj Parashar, co-founder and CEO of Sagar Defence Engineering Pvt Ltd, highlighted the budget's commitment to bolstering domestic manufacturing, foreseeing it as a catalyst for economic growth, innovation, and job creation, crucial for a developed, self-reliant India by 2047.

(With Inputs From Agencies)