Revised estimates in the Budget documents show that the armed forces were unable to spend ₹2,369 crore out of last year’s capital outlay of ₹1.52 lakh crore
India on Wednesday set aside ₹5.94 lakh crore for defence spending in this year’s Budget, including a capital outlay of ₹1.62 lakh crore for the military’s modernisation, with the allocation 13% higher than that in last year’s Budget estimates, and about 2% more compared to that in the revised estimates for 2022-23, documents showed.
The Budget includes a revenue expenditure of ₹2.7 lakh crore and a pension outlay of ₹1.38 lakh crore. This year’s defence Budget accounts for 2% of the country’s projected gross domestic product (GDP) for 2023-24. It forms 13% of the total government Budget.
The enhanced allocation comes at a time when India is locked in a border row with China and pursuing a raft of modernisation programmes with a sharp focus on deploying locally produced weapons and systems.
This year’s capital outlay is about 6% higher than that in last year’s Budget estimates and about 8% more compared to that in the revised estimates for 2022-23. The capital allocation will power the purchase of fighter aircraft, helicopters, warships, missiles and several land systems, including tanks and artillery guns.
Continue reading HERE
Source: https://www.hindustantimes.com/india-news/india-sets-aside-rs-5-94-lakh-cr-for-defence-spending-up-13-from-last-year-101675267159291.html
__________________________________________________________________
