Expansion of domestic defence industry decreases import dependency: Prez

President Pranab Mukherjee on Monday hailed the government's initiatives to expand the domestic defence industry, adding that such initiatives encourage domestic manufacturing and decrease import dependency.

"Government is accelerating the modernization of our armed forces, with a strong emphasis on 'Make in India' in defence acquisition plans. Several initiatives have been taken to expand domestic defence industry, including liberalization of FDI for the defence sector; a new defence exports strategy; a liberalized process for issuing clearances for defence exports; and a technology development fund," President Mukherjee said during his address to both the Houses of the Parliament.

"To encourage domestic manufacturing of defence equipments and decrease import dependency, the list of defence items which require industrial licensing has been pruned," he added.

The President further acknowledged the success of the 'Mangalyaan' and the 'GSLV Mark-Ill', stating that the government is committed to use space technology and its applications.

"Our space journey continues to make impressive progress. On September 24, 2014, Mangalyaan was successfully placed in the Mars orbit, making India the first country to do so in the first attempt. We successfully launched the first experimental flight of GSLV Mark-III on December 19, 2014, which will enable us to launch heavier satellites in the near future," he said.

"My government is committed to use space technology and its applications in governance, social and economic development and resource management. My government has also decided to launch a satellite for the use of SAARC countries to foster greater partnership and development of South Asian Region," President Mukherjee added.

The Budget Session of the Parliament began shortly after President Mukherjee's joint address to both Houses of the Parliament.

The Budget Session contains 44 items of financial, legislative and non-legislative business.

The first part of the Budget Session will continue till March 20 while the second part will commence after a month-long break from April 20 and conclude on May 8.

The Rail Budget will be presented on February 26, Economic Survey on February 27 and General Budget on February 28.