New Delhi, Feb 1 (SocialNews.XYZ) The government on Thursday hiked the Defence Budget to Rs 6.21 lakh crore in the Interim Budget for 2024-25 -- 4.72 per cent higher than the previous year's allocation of Rs 5.94 lakh crore.
The allocation to the Defence Ministry accounted for over 13 per cent of the total Budget presented by Union Finance Minister Nirmala Sitharaman in the Parliament on Thursday.
According to the Defence Ministry, the enhanced budgetary allocation will facilitate in equipping the armed forces with state-of-the-art, niche technology lethal weapons, fighter aircrafts, ships, platforms, unmanned aerial vehicles, drones, and specialist vehicles, among others.
Planned modernisation of existing Su-30 fleet along with additional procurement of aircraft, acquisition of advanced engines for existing MiG-29, acquisition of transport aircraft C-295 and missile systems will be funded out of the budget being allocated, the ministry said in a statement.
Apart from this, to take the initiative of 'Make in India' further, the LCA MK–I IOC/FOC configuration will be additionally funded to ensure state-of-the-art technology in domestic production, it added.
"The Indian Navy projects such as acquisition of Deck-based fighter aircraft, submarines, next generation survey vessels etc. will all materialise through this allocation," the ministry said.
Large portion of the allocation will be utilised for procurement through domestic sources to provide domestically manufacutured next generation weapon system to the country which will have a multiplier effect on the GDP, create employment, ensure capital formation and provide a stimulus to the domestic economy, the ministry said.
The budgetary allocation to the Defence for FY24-25 is higher by approximately one lakh crore (18.35 per cent) than the allocation for the FY 2022-23 and 4.72 per cent more than allocation of FY23-24.
Of the total allocation, a major share of 27.67 per cent goes to capital, 14.82 per cent for revenue expenditure on sustenance and operational preparedness, 30.68 per cent for pay and allowances, 22.72 per cent for pensions and 4.11 per cent for civil organisations under the ministry.
Budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore which is 20.33 per cent higher than the actual expenditure of FY 22-23 and 9.40 per cent more than the Revised Allocation of FY 23-24. The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed to fill the critical capability gaps through modernisation of the Armed Forces by materialising some big ticket acquisitions in FY 2024-25, the ministry said.
Source: IANS
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