New Delhi, Apr 20 (IANS): The Ministry of Defence on Wednesday said that it has utilised 65.50 per cent of the Capital Acquisition Budget on domestic procurement in the last financial year exceeding the target of 64 per cent.

The MoD also said that it had earmarked 64 per cent of the Capital Acquisition Budget for domestic industry in Financial Year (FY) 2021-22.

At the end of FY 2021-22, the Ministry was able to over achieve this target and has utilised 65.50 per cent of Capital Acquisition Budget on indigenous procurements through Indian industry to achieve Prime Minister Narendra Modi's vision of 'Aatmanirbhar Bharat'.

Further, as per preliminary expenditure report of March 2022, the MoD was able to utilise 99.50 per cent of the Defence Services Budget in FY 2021-22, the ministry said in a statement.

In the last few years, the government has taken a series of measures to boost domestic defence manufacturing.

With an aim to reduce dependency on foreign suppliers, the Defence Ministry has given many incentives to domestic manufacturers.