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%

Ajeyo Basu February 01, 2023 14:06:10 IST
Budget 2023-24: Good news for Indian military as defence budget gets 13% hike

The Defence budget for 2023-24 has been awarded a 13% hike by Union Finance Minister Nirmala Sitharaman. PTI

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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