Hopes of higher outlay set off a rally in defence stocks ahead of Budget 2023

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February 1, 2023
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Under its ambitious Atmanirbhar Bharat scheme, the government has banned imports of several items, including crucial parts used in defence equipment. Which means they are being manufactured in India now

In anticipation of higher outlay in Budget 2023, defence sector stocks gained 2-4 percent in early hour of trade on February 1. Paras Defence, Bharat Electronics, Bharat Dynamics, BEML and Hindustan Aeronautics are leading the pack in the space.

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Under its ambitious Atmanirbhar Bharat scheme, the government has banned imports of several items, including crucial parts used in defence equipment. Which means they are being manufactured in India now.

The impact is visible. Imports, which used to comprise 46 percent of the overall defence expenditure, have dropped to 36 percent in the four years from 2018-19 to 2021-22.

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