Monday, July 28, 2025
  • Home
  • About us
  • Privacy policy
  • Advertise with us
  • Contact us
Fii News Logo
No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Newsletter
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Fiinews
No Result
View All Result
Home Budget

Duty Exempted on Imports of Defence items not made in India

Fiinews by Fiinews
July 6, 2019
in Budget, Imports, Industry Sectors, Investment, Manufacturing, Technology
Reading Time: 2 mins read
A A
0
0
SHARES
10
VIEWS
LinkedinShare on Twitter

0:00

Defence Capex: Rs.1,08,248.80 crore

 

Ministry of Defence

In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty under the Budget 2019-20 tabled in Parliament on 5 July 2019 by Finance Minister Nirmala Sitharaman.

This will have an impact of augmenting the Defence Budget by approximately Rs.25,000 crore on account of savings in expenditure on Customs Duty over the next five years.

The Defence Ministry envisaged a total outlay of Rs27,86,349 crore from the 2019-20 Budget, of which Rs.3,18,931.22 crore has been earmarked for Defence (excluding Defence Pension).

For Defence Pension, an amount of Rs 1,12,079.57 crore has been provided in Budget Estimate 2019-20.

Total Defence Allocation (Rs.4,31,010.79 crore), including Defence Pension, accounts for 15.47% of the total Central Government expenditure for the Financial Year 2019-20.

The allocation of Rs.3,18,931.22 crore represents a growth of 7.93% over Budget Estimates (Rs.2,95,511.41 crore) and 6.87% over Revised Estimates (Rs.2,98,418.72 crore), respectively, for the Financial Year 2018-19.

Out of Rs.3,18,931.22 crore allocated for the Financial Year 2019-20, Rs.2,10,682.42 crore for Revenue (Net) expenditure and Rs.1,08,248.80 crore for Capital expenditure for the Defence Services and the Organisations and Departments under the Ministry.

The amount of Rs.1,08,248.80 crore allocated for Capital expenditure includes modernisation related expenditure.

The Ministry’s Capital Allocation under Budget 2019-20 is 31.97% of the total Central Government Capital Expenditure, which is Rs.3,38,569 crore.

In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty.

This will have an impact of augmenting the Defence Budget by approximately Rs.25,000 crore on account of savings in expenditure on Customs Duty over the next five years. fiinews.com

Tags: Ministry of DefenceMinistry of Finance
ShareTweetShare

Related Posts

Bhashini
Technology

Tech: India to share AI models with Global South

by Fiinews
July 28, 2025
0
15

Mission Bhashini-Anuvadini advancing language technology India is open to sharing its artificial intelligence models with the Global South, S Krishnan,...

PIB
Manufacturing

Project: DRDO carries out flight-trials of ULPGM

by Fiinews
July 27, 2025
0
11

Missile equipped with 3 modular warhead options In a major boost to India’s defence capabilities, Defence Research & Development Organisation...

PIB

Manufacturing: BEL wins Rs.2,000cr contract

July 27, 2025
11
Sidbi

Invest: 3 flagship funding schemes launched

July 27, 2025
14
Nadcab Labs Logo.png

Tech: Nadcab reports increase in blockchain adoption

July 25, 2025
11
Capgemini

Tech: WNS-Capgemini set to create AI force

July 25, 2025
14
SBI YONO

POPULAR NEWS

  • Cristina Dnv

    Projects: Indian yards set to build green ships, says DNV expert

    0 shares
    Share 0 Tweet 0
  • Market: Indian-origin UGF scales heritage consumer brands globally

    0 shares
    Share 0 Tweet 0
  • Technologies: Royal Diamond sponsors aerspace Industries’ drones in UAE

    0 shares
    Share 0 Tweet 0
  • Investments: Foreign investors see India as long-term destination for fund placings

    0 shares
    Share 0 Tweet 0
  • Markets: Blue Dart maintains positive outlook on India

    0 shares
    Share 0 Tweet 0

Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

7Clicks Media is a Singapore based Media & PR company offering over 100,000
impressions via our targeted communication strategy.

It is led by editor-in-chief Gurdip Singh who has worked over 45 years reporting on
Asian businesses.

Recent News

  • Project: LTTS wins $60m telecom contract
  • Export: FIEO sees bilateral doubles to $120bn
  • Export: FTA aligns with deeper global vision
  • Export: India-UK FTA to boost bilateral trade
  • Project: India needs financially aware society

Pages

  • About US
  • ADVERTISE ON FIINEWS.COM
  • CONTACT US
  • EVENTS
  • FII-NEWS.COM PDF ARCHIVE
  • Home
  • News
  • PRIVACY POLICY

Subscribe to Newsletter

  • About
  • Advertise
  • Careers
  • Contact us

© 2024 FIINEWS - Design and developed by 7clicksmedia.

No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports

© 2024 FIINEWS - Design and developed by 7clicksmedia.