Budget 2023-24: Good news for Indian military as defence budget gets 13% hike
When compared to the first defence budget by the current central government led by Prime Minister Narendra Modi, this year’s allocation is a massive jump of over 100%
New Delhi: In a significant hike, the Defence Ministry has been allocated Rs 5.94 lakh crore for the financial year 2023-24.
This was an increase of 13% from last year’s defence budget, which was ₹5,25,166 crore.
When compared to the first defence budget by the current central government led by Prime Minister Narendra Modi, this year’s allocation is a massive jump of over 100%.
The defence budget for the fiscal year 2014-15 – the first under PM Modi’s watch – was Rs 2,24,000 crore.
Defence Minister Rajnath Singh asserted that this year’s budget has been a positive one for the Indian economy.
“The Union Budget 2023-24 is expected to bring about positive changes in the country that will lead us towards achieving our goal of becoming a $5 trillion economy and ‘Top Three’ economies within few years,” Rajnath Singh said in a statement on Twitter.
While announcing the 2023-24 Union Budget, Finance Minister Nirmala Sitharaman allocated eight percent of the total budget for the defence sector.
The Union Finance Minister added that in the budget 2023-24, emphasis has been laid on self-reliance in the defence sector as part of the ‘Atmanirbhar Bharat’ initiative of the PM Modi government.
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