Almost Rs 6 lakh crore has been allocated towards defence as part of India's union budget 2023, with a focus on Atmanirbhar defence to become self-reliant. With an aggregate order book of Rs 52,000 crore, state-owned aerospace manufacturer Bharat Electronics Limited is eyeing more contracts worth Rs 20,000 crore in FY23 and FY24 each.
A day after it secured a Rs 3,700 crore order to send radars for IAF, BEL has signed a Rs 3,000 crore contract to boost electronic warfare.
What does this mean for self-reliance?
As part of Project Himshakti, the order will encourage the participation of small and medium firms among BEL's vendors in defence manufacturing.
It will generate work equivalent to three lakh days in the next couple of years, to boost employment in the local defence sector.
Focus on electronic warfare
Himshakti is a project focusing on electronic equipment developed with the defence electronics research lab's (DLRL) tech.
The tools will be used for interception and will include electro-optical sensors as well.
Ray of positivity for BEL
Values of BEL shares were down after lower than estimated profits for the October-December quarter, and a stake sale by Norway's Norges Bank over geopolitical issues.
But the orders from the defence ministry triggered an uptick for the aerospace firm, even as Sensex lost steam.
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