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New Delhi, The <keyword id="43909" type="General" weightage="20" keywordseo="defence-Ministry" source="Orion">Defence Ministry</keyword> on Friday cleared procurement of various weapons systems and platforms including Dhruvastra short range air-to-surface missile and 12 <keyword id="18793242" type="General" weightage="20" keywordseo="Su-30-MKI-fighter" source="Orion">Su-30 MKI fighter</keyword> jets at a cost of around Rs 45,000 crore. A total of nine procurement proposals were approved by the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh, officials said. "All these procurements will be made from Indian vendors under Buy (Indian-Indigenously Designed Developed and Manufactured (IDMM)/Buy (Indian) category which will give substantial boost to the Indian defence Industry towards achieving the goal of 'Aatmanirbhar Bharat'," the defence ministry said. To enhance protection, mobility, attack capability and increase survivability of mechanised forces, the DAC accorded the approval for procurement of Light Armoured Multipurpose Vehicles (LAMV) and Integrated Surveillance and Targeting System (ISAT-S), the ministry said in a statement. The DAC cleared also cleared the procurement of High Mobility Vehicle (HMV) Gun Towing Vehicles for swift mobilisation and deployment of artillery guns and radars. The DAC further approved procurement of next generation survey vessels for the Indian Navy, the ministry said. It said a proposal of the Indian Air Force to ensure avionic upgrade of Dornier aircraft to improve the accuracy and reliability for operations was also given Acceptance of Necessity (AoN). The AoN is the initial approval. "The procurement of Dhruvastra Short Range Air-to-Surface Missile as a potent Indigenous Precision Guided Weapon for indigenously built ALH Mk-IV Helicopters has been cleared by the DAC," the ministry said. "The AoN for procurement of 12 Su-30 MKI Aircraft with associated equipment from Hindustan Aeronautics Limited (HAL) was also accorded," it said.

Air-to-surface Missile and 12 Su-30 MKI fighter jets at a cost of around Rs 45,000 crore approved by DAC

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Wednesday assured the new generation entrepreneurs in the defence equipment world that the 'Made in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>' products will get priority in defence procurement. Sixty-eight per cent of the defence budget has been earmarked for indigenous products, he added. While inaugurating the defExpo-2022 here, the Prime Minister also launched the Indian Military Airworthiness Procedures (IMAP), HTT-40, Indian Defence Mart and defence <keyword id="15298793" type="General" weightage="80" keywordseo="space-msn" source="Orion">Space Msn</keyword> besides virtually laying the foundation stone for the DEESA Airfield. He said the country was once a net importer of defence equipment, but over the last eight years, defence manufactured in India is in demand across the world, and the exports have grown eight times. It has touched USD 1.59 billion, and the country targets to achieve the USD 5 billion mark in the next five years. Citing the success of the Brahmos missile, Prime Minister <keyword id="6354642" type="General" weightage="80" keywordseo="modi" source="Orion">Modi</keyword> said it is placed in one of the best technology missile categories and many countries have evinced interest in buying it. All three defence wings and indigenous companies' innovations are putting the nation on global armament nation. INS Vikrant aircraft carrier, Lightweight Helicopter 'Prachand' and tanks and indigenous combat guns are the pride of India, he said. "In the coming years, Space Diplomacy is going to take India to a new height as our satellites will be sharing real-time access with 60 developing countries. <keyword id="62000" type="General" weightage="80" keywordseo="maritime-security" source="Orion">Maritime Security</keyword> is a global priority and India has taken initiative in maritime security in the Indian Ocean region, in which 46 friendly countries are working on it," he said. Some 450 Memoranda of Understandings and agreements are going to be signed during these four days of DefExpo-2022. The Prime Minister, without naming the Congress, said, "Earlier pigeons were released, now Cheetah is now released, this is the difference of the government." He added in the past years, "our majority budget was going into importing defence equipment, now the time has changed. All three defence wings have made a list of 411 equipment which will be purchased from domestic manufacturers, only select items will now be imported," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-to-benefit-as-canada-aims-to-grant-citizenship-to-300000-people-in-2022-23/articleshow/94956352.cms">Indians to benefit as Canada aims to grant citizenship to 300,000 people in 2022-23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/over-50-lakh-vehicles-deregistered-in-delhi-till-oct-17-this-year/articleshow/94956121.cms">Over 50 lakh vehicles deregistered in Delhi till Oct 17 this year</a>

68% of defence budget allocated for procuring indigenous equipment: PM

The market knows everything. Even what the Finance Minister is thinking. Apparently. Writing the budget is a top secret, super-clandestine affair. Even before the pandemic, reporters were not allowed to enter the building for weeks before the budget. <div type="image" title="My Precious!" msid="89003888" hostid="261"></div> But the budget is also based on the current realities of the economy, the needs of the country and the resources available with the government. And, most of it can be reasonably estimated. And, the market is full of such forecasters and traders who position themselves based on these estimates. And, here’s what the tickers are telling us. <div type="image" title="BSE Sectoral Index Change" msid="89003928" hostid="261"></div> The market seems to be expecting the Finance Minister’s speech on February 1 to tell us more of what we heard last year. More spending on infrastructure, more thrust on local manufacturing, big money to buy and produce <keyword id="32723" type="General" weightage="20" keywordseo="defence" source="Orion">defence</keyword> equipment and technologies, as well as some push for <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword>. <div type="image" title="2022 Budget Expectations" msid="89003957" hostid="261"></div> So, more of the same stuff. How do we know that? Look at some of the stocks in demand in Jan 2022 so far. <div type="image" title="Stock Performance" msid="89003965" hostid="261"></div> Not just that, Stocktwits, a social media platform for market buffs, did a survey, which showed similar expectations. <div type="image" title="Budget 2022 Poll" msid="89004001" hostid="261"></div> Hope floats that a lot of money will be spent to encourage construction of <a href="https://www.businessinsider.in/budget/news/india-is-expected-to-make-big-budget-allocation-for-renewable-energy/articleshow/89000378.cms">new renewable energy capacity</a> because the Indian Prime Minister has made some big promises at the international climate summit in Glasgow, about two months ago. Now, the question is did the government deliver on the promises of the last budget? As of November, we don’t have official data thereafter, the government had spent <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">less than half the amount budgeted for capital investments</a> including infrastructure, and even the entire amount set aside for <a href="https://www.businessinsider.in/budget/news/union-defence-budget-2022-submarines-drones-warships-and-aircraft-carriers/articleshow/88989045.cms">defence purchases</a> may not have been spent. Not just in spending money, the government is likely to miss its target on making money via divestment (sale of government assets including shares in companies). For a third year in a row. Even <a href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">if the LIC IPO goes through</a>, the Finance Ministry is unlikely to raise the ₹1.75 lakh crore it wanted through sale of assets. <div type="image" title="Govt has been able to meet and even exceed its divestment target only twice in 10 years" msid="89004010" hostid="261"></div> But then, governments not meeting targets isn’t really surprising. Is it? For more in-depth stories on what else is expected from the budget, visit our dedicated section <a href="https://www.businessinsider.in/budget">Budget Insider</a>. There are articles, interviews with experts, and every detail that matters, minus the jargon. On the budget day, right after the Finance Minister’s speech, we will be live on all our social media handles with a bunch of experts with the most relevant announcements, the simplest explanations and the most incisive insights. So do tune in for our live broadcast from any of your devices on Feb 1, right after the FM’s speech in Parliament. For now, these are some interesting expert opinions on what could play out in the budget and thereafter. <div type="image" title="Budget 2022 Expectations" msid="89004149" hostid="261"></div>

SIMPLY PUT: 10 days before budget, these stock tickers have some clues on what the budget doc may have

By Mari Yamaguchi Tokyo, Nov 26 (AP) Japan's Cabinet on Friday approved a 770 billion yen ($6.8 billion) request for an extra defence budget through March to expedite the purchase of missiles, anti-submarine rockets and other weapons amid rising concern over the escalation of military activities by China, Russia and North Korea. The request, still pending parliamentary approval, brings Japan's military spending for the current year to a new high of more than 6.1 trillion yen ($53.2 billion), up 15% from 5.31 trillion yen in 2020. The Defence Ministry says its "defence power reinforcement and acceleration package" is designed to speed up deployment of some of the key equipment from the 2022 budget request. The goal is to beef up Japan's defences against North Korea's missile threat and China's increasingly assertive maritime activity around remote Japanese southwestern islands, officials said. Japan has also raised concerns over recent joint military activities by China and Russia near its waters and airspace. A fleet of two Chinese H-6 fighters and two Russian Tu-95s flew from the Sea of Japan to the East China Sea and to the Pacific Ocean, triggering Japanese Self-Defence Force jets to scramble, Defence Minister Nobuo Kishi said Tuesday. The budget request includes nearly 100 billion yen ($870 million) for the advanced version of PAC-3 mobile surface-to-air missile interceptors and related equipment, as well as cruise missiles. Separately, more than 800 billion yen ($7 billion) will go to speed up the purchase of reconnaissance planes and equipment, including three P-1s, equipment for P-3Cs and vertical launch systems to be placed on two destroyers, to step up surveillance around Japan's territorial waters and airspace. Japan has been stepping up defences in its southwestern regions and islands, including Ishigaki Island, where a new military base with a land-to-sea missile defence system will be operational. Ishigaki is north of the uninhabited Japanese-controlled Senkaku Islands, which are also claimed by China, which calls them Diaoyu. Tokyo regularly protests the Chinese coast guard's presence near Senkaku Islands. The ministry also plans to build housing for ground troops on Ishigaki Island. The combined budget for 2021 will be just over 1% of Japan's GDP, keeping its customary cap. Prime Minister Fumio Kishida has said he is open to doubling Japan's military spending to cope with the worsening security environment. The defence budget also aims to ease burden on Japanese defence equipment and parts suppliers that are struggling to maintain the country's dwindling industry, officials said. The defence budget is part of a nearly 36 trillion yen ($316 billion) draft extra budget approved by the Cabinet Friday to fund an economic stimulus package focusing on COVID-19 preparedness and support for the pandemic-hit households and businesses. Some opposition lawmakers criticised Kishida's government for using the stimulus package to cover military spending. Critics also say Japan, as the world's fastest-aging country with a shrinking population, should allocate more money toward health care and other services. Japan's military spending and capabilities have grown continuously since former Prime Minister Shinzo Abe took office in December 2012, and has since risen by 17%. Abe's government allowed Japan's military to be more involved in international affairs by adopting a new interpretation in 2015 of the war-renouncing Article 9 of the constitution. (AP) RS RS

Japan seeks extra defence budget amid China, N Korea concern

On Friday, the Kremlin's spokesperson said the idea that Russian President Vladimir Putin was behind the Wednesday plane crash that killed Yevgeny Prigozhin was "a complete lie."But a former senior official who served at the highest levels of the Russian government told Insider a different story. "The rebellion was an anomaly," they wrote. "But the consequences were indeed inevitable."In other words: The crash was no accident. It was unavoidable payback for Prigozhin's insubordination, which culminated in a march towards Moscow with a column of his Wagner Group mercenaries. The march was a stunningly open challenge to the authority of Russian President Vladimir Putin, the man who had found Prigozhin when he was running a string of Saint Petersburg restaurants and made him into one of Russia's most feared power brokers, trafficking in weaponry, gold, and armed men across three continents.As for Prigozhin himself, the former Kremlin official scoffed at the idea that his death was an untimely surprise."His death could not have been more timely," they wrote. "His life was that of Chekov's gun. When his blank was fired, there was nothing left to do but be swept behind the curtain and let the play carry on."By invoking Chekhov's gun, the official was suggesting that any private military force that refused to submit to Putin's direct control was destined to be crushed by him.That famous storytelling principle — a gun innocently hanging on the wall in a play's first act will be fired in its third — is one of Russian literature's great contributions to world culture. But the story of Prigozhin's rise and fall can also be told through a trove of internal files that exposed the inner workings of his corporate empire in the months before his death. Those files included dozens of detailed spreadsheets showing how Prigozhin's Wagner Group tracked and spent its money:Wages for a Nigerian gig worker to push Kremlin memes through a troll farm — $276. Fuel to light up a famous hillside sign in the Central African Republic — $791.Worldwide promotion budget for "Tourist," a feature film depicting heroic Russian mercenaries who save an African government from local bandits and European elites, including ads on TikTok, YouTube, and Google — 29 million rubles, or roughly $300,000.Those files were <a href="https://www.businessinsider.com/yevgeny-prigozhin-wagnerleaks-wagner-putin-hack-mexico-trolls-facebook-instagram-2023-2">obtained from anonymous hackers who had pried them loose from the Wagner Group</a>. They show why Prigozhin was so useful to Russian President Vladimir Putin, not only in the invasion of Ukraine, but in surreptitious campaigns to influence US politics and extend Russia's reach throughout the Middle East and Africa. Even before we reviewed evidence of Wagner troops engaging in rape, beheadings, and other war crimes, Prigozhin was known to be a bloodthirsty warlord, an ex-convict and Saint Petersburg restaurateur who had taken the brutal logic that he'd learned during his years in the Russian prison system to the global stage.But the spreadsheets showed us that Prigozhin was more than that. He was a bloodthirsty warlord who knew how to stretch a buck. The tiny amounts of money that we saw meticulously accounted for in the Wagner Group's monthly budgets and expense reports were a fraction of what American or European would have spent on similar overseas operations. Of course, that money was supplemented by pillage and extortion. The files included a shakedown letter Prigozhin had sent to the Syrian government, demanding oil revenue from a tract of land that his men had taken back from ISIS.Russia uses the Wagner Group to boost its military strength, but it is nothing like a conventional fighting force or diplomatic corps. Though often referred to as a private military company — mercenaries — Wagner's brutal methods, semi-official status, and appetite for resource extraction makes them something closer to 16th-century privateers. For so long as he remained loyal, Prigozhin was a perfect instrument for Putin to build up Russia's superpower status despite having an economy less than a tenth the size of China or the US. During the two months between the time that Prigozhin marched on Moscow and the explosion onboard his private plane, it wasn't impossible to imagine that Prigozhin had made himself so indispensable to Putin that he might be forgiven. Putin had already shown a remarkable tolerance of Prigozhin's grandiosity and his propensity to take to social media and publicly castigate the Kremlin's favorite generals for bad strategy and supply problems in Ukraine. Prigozhin's death suggests that Putin has accepted a setback in Russia's global ambitions in favor of ensuring the stability of his own regime. Of course, he'd prefer to have both. New reporting by the <a href="https://www.wsj.com/world/russia/prigozhin-wagner-plane-crash-last-days-2c44dd5c" target="_blank" rel="noopener">Wall Street Journal</a> shows how vigorously Putin was attempting to supplant Prigozhin's authority during the final weeks of his life, maintaining Wagner's African shadow empire while centralizing control, and how Prigozhin continued to antagonize the Kremlin by refusing to fade into the background. After the mutiny, Russian authorities punched back, raiding Wagner's offices, blocking their social media channels, and releasing photographs of Prigozhin's lavish apartment filled with cash, gold, and guns. What they did not do was file criminal charges against Prigozhin or his Wagner minions, despite the fact that they'd killed some 15 Russian service members during their aborted march to Moscow. This led some to believe that Putin and Prigozhin could come to terms, including Alexander Lukashenko, the president of Belarus, who fancied himself a peacemaker between the two men. But in fact, Putin appears to have busied himself with absorbing the Wagner empire into the Russian state while plotting his revenge. Russia's Ministry of Defence reportedly sent emissaries to the foreign governments that Wagner had been propping up, informing them that they should now talk directly to the Kremlin. Other reports suggest that the job replacing Wagner in Africa will fall to the GRU, Russia's military intelligence unit. Regardless of who does it, rebuilding Prigozhin's intricate country-by-country network of bribes, propaganda, and fear will take years. Gen. James Clapper, the former head of the US intelligence community, told Insider that the apparent decision to kill Prigozhin was unsurprising given his priorities."Putin — typically and consistently — has chosen his personal stature, prestige, and power over everything else," Clapper wrote in an email. "I don't think he gave overseas activities a thought." As for Russia's future, "I think we'll just have another strongman as successor to Putin. Just more of the same."Mattathias Schwartz is Insider's chief national security correspondent. He can be reached by email at schwartz79@protonmail.com.

You Searched For "new defence budget" and got 6 results

Air-to-surface Missile and 12 Su-30 MKI fighter jets at a cost of around Rs 45,000 crore approved by DAC

PTI

Here's what will get cheaper and costlier after this Budget

ANI

68% of defence budget allocated for procuring indigenous equipment: PM

IANS

SIMPLY PUT: 10 days before budget, these stock tickers have some clues on what the budget doc may have

Japan seeks extra defence budget amid China, N Korea concern

AP

With Prigozhin dead, Putin has traded low-budget global reach for safety at home

Mattathias Schwartz

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