New Delhi, Feb 1 (IANS) The allocation for the Defence Ministry in the Union Budget 2018-19 stands at Rs 2,95,511 crore, around 10 per cent of the total budget amount, recording an increase of around six per cent over the Revised Estimate of last year.
This is around 2.05 per cent of the Gross Domestic Product of India.
The allocation for Defence for 2018-19 is 7.81 per cent - up from the Budget Estimate in 2017-18, which was Rs 2,74,114 crore, and 5.91 per cent over the Revised Estimate of Rs 2,79,003 crore.
The 'Budget Estimate' for any Ministry or scheme is the amount allocated to it in the Budget papers for the following year. The Revised Estimates are mid-year estimates.
Of the total allocation to the Defence Ministry, as many as Rs 1,95,947.55 crore has been allocated for revenue expenditure, and Rs 99,563.86 crore for Capital Expenditure, which includes expenditure related to modernisation of the forces.
For defence pensions, an amount of Rs 1,08,853.30 crore has been allocated, apart from the overall allocation for the Ministry.
With increased pensions following implementation of 'One Rank One Pension' scheme and the 7th Pay Commission recommendations, this denotes a hike of around 26.60 per cent over the Budget Estimate of the last financial year which was around Rs 85,740 crore, and 14.36 per cent more than the Revised Estimate of Rs 95,000 crore in 2017-18.
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