Nirmala Sitharaman, Union Finance Minister allocated the highest amount to Defence among all the ministries. The allocation for the Defence Ministry is 12.9 per cent of the total budget for fiscal year 2024-25.
Budget 2024: Finance Minister Nirmala Sitharaman said the government will launch three employment-linked schemes. These schemes will be based on enrolment in Employees' Provident Fund Organization (EPFO).
Vice Chief of the Air Staff, Air Marshal AP Singh emphasised that the "biggest lesson that we have learned from today's geopolitics is to be self-reliant".
In the interim Union budget presented in Parliament by Finance Minister Nirmala Sitharaman in February, a total of Rs 1.72 lakh crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware.
The value of defence production in the country has gone up to a record-high figure i.e., Rs 1,26,887 crore, reflecting a growth of 16.7% over the defence production of the previous financial year.
The defence sector expenses are the second biggest component of the annual expenditure after the debt payments, which for the next year would be Rs 9,700 billion and constitute the single biggest expense of the debt-trapped country, which is dependent on loans from friendly nations like China.
Ahead of the upcoming Lok Sabha elections, Union Finance Minister Nirmala Sitharaman presented the interim Budget in Parliament. Scroll down to read allocations for different ministries.
Ahead of the upcoming Lok Sabha elections, Union Finance Minister Nirmala Sitharaman presented the interim Budget in Parliament. Scroll down to read what the Budget has for the defence sector.
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