Union Budget India Highlights 2018: ‘Forces Have Played A Stellar Role On Our Borders,’ Says FM Arun Jaitley

Written By Saniya Rao | Mumbai | Published:

At the time of announcing the Union Budget in the Parliament on Thursday, Finance Minister Arun Jaitley proposed setting up two defence industrial corridors in the next fiscal. During the course of his address, FM Jaitley said,

“We will take measures to develop two defence industrial production corridors in the country. The Government will also bring out an industry friendly Defence Production Policy 2018 to promote domestic production by public sector, private sector and MSMEs”

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Placing on record the government’s appreciation of the service provided by the Armed Forces, the finance Minister highlighted, “Our armed forces have played a stellar role in meeting the challenges we have been facing on our borders as well as in managing the internal security environment both in Jammu and Kashmir and the North East. I would like to place on record our appreciation for the efforts and the sacrifices made by the three services in defending the interests of the Nation”

Ensuring adequate budgetary support to the Defence Sector he added,

“Ever since the NDA Government has assumed office in 2014, a lot of emphases has been given to modernizing and enhancing the operational capability of the Defence Forces. 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. Ensuring adequate budgetary support will be our priority.”

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The Finance Minister also mentioned that private investment in defence production has been opened up including liberalizing foreign direct investment