India Defence Budget 2024: ₹6.21 Lakh Crore Allocated, Rajnath Singh’s Reacts
- The budget for defense in 2023–24 was ₹5,93,537.64 lakh crore, which is about ₹68,834 crore more than the previous year.
- This year, 26.67% of the money is set aside for capital, 14.22% for operational readiness and maintenance, 30.68 % for pay and allowances
India has allocated ₹6,21,940 crore for defense spending in the Union Budget 2024-25. This is more than the ₹5.94 lakh crore it spent on defense last year, as announced by Nirmala Sitharaman, the finance minister, when she presented the Union Budget 2024 on Tuesday. The Interim Budget 2024 set aside ₹6,21,541 crore lakh crore for the defense sector. The amount given was 4.72% more than it was in the fiscal year 2023–24.
The amount of money that will be spent is ₹1,72,000 crore. Within the Indian government’s budget for the fiscal year 2024-25, 12.9% of the whole budget goes to the defense sector.
For giving the “highest allocation,” which is 12.9% of the total Budget for the financial year 2024-25, Nirmala Sitharaman was thanked by Rajnath Singh, the defense minister, in a post on X (formerly Twitter).
As far as the allocation to Ministry of Defence is concerned, I thank the Finance Minister for giving the highest allocation to the tune of Rs 6,21,940.85 Crore, which is 12.9 % of total Budget of GoI for FY 2024-25.
The capital outlay of Rs 1,72,000 Crore will further…
— Rajnath Singh (@rajnathsingh) July 23, 2024
“The capital expenditure of ₹1,72,000 Crore will make the Armed Forces even stronger.” Setting aside Rs. 1,05,518.43 Crore for buying capital in India will give Atmanibharta even more support. I’m glad that Border Roads has been given 30% more money than in the last budget under the capital head. Giving ₹6,500 Crore to BRO will speed up our border infrastructure even more.
Rajnath Singh wrote on Facebook, “To support startups in the defense industry, ₹518 crore has been given to the iDEX scheme to pay for tech solutions offered by startups, MSMEs, and innovators.”
The budget for defense in 2023–24 was ₹5,93,537.64 lakh crore, which is about ₹68,834 crore more than the previous year. For 2022–23, it was ₹5,25,166 crore.
This year, 26.67% of the money is set aside for capital, 14.22% for operational readiness and maintenance, 30.68 % for pay and allowances, 22.72% for defense pensions, and 4.11% for civilian groups under the ministry of defense, according to a statement from the ministry. With the capital budget, new weapons, systems, and tools are bought.
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