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Union Budget 2022: Government committed to reduce imports in defence sector, says Nirmala Sitharaman

The finance minister said that 5 per cent of Universal Service Obligation Fund would be provided for R&D and technology upgradation

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|Feb 01, 2022, 13:30:59 IST

New Delhi: The government is committed to reduce imports and promote self-reliance in the defence sector, Finance Minister Nirmala Sitharaman said on Tuesday.She said that 68 per cent of capital for the defence sector would be earmarked for the local industry.Sitharaman also said that 5 per cent of Universal Service Obligation (USO) Fund would be provided for R&D and technology upgradation."Contracts for laying of optical fibre net to all villages under BharatNet to be provided under PPP mode," she added.Further, she noted that risks of climate change are the strongest externalities for the world and a low carbon development strategy would open employment opportunities.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

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First Published:Feb 01, 2022, 13:29:48 IST
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