New Delhi: In the Interim Union Budget 2024, Finance Minister Nirmala Sitharaman on Thursday allocated Rs 6.21 lakh crore for defence spending, a hike of Rs 27,000 crore compared to the previous year. Last year, the budgetary allocation for defence was Rs 5.94 lakh crore.
The government also announced an ambitious scheme for "deep-tech" technologies in the military domain.
In the budget, a total of Rs 1.72 lakh crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships, and other military hardware, reported news agency PTI.
Sitharaman also announced the launch of a new scheme aimed at bolstering deep-tech technologies for defense purposes, and to expedite 'atmanirbharta' or self-reliance in the sector.
As per the PTI report, the total revenue expenditure stands at Rs 4,39,300 crore that included Rs 1,41,205 crore for defence pensions, Rs 2,82,772 crore for defence services and Rs 15,322 crore for the Ministry of Defence (Civil).
In the capital outlay for defense services, Rs 40,777 crore has been allocated for aircraft and aero engines, while Rs 62,343 crore was allocated for "other equipment." Additionally, Rs 23,800 crore has been allotted for the naval fleet and Rs 6,830 crore for naval dockyard projects.
Last year, the Indian Air Force received the highest capital outlay at Rs 57,137.09 crore, including Rs 15,721 crore for aircraft and aero engines procurement and Rs 36,223.13 crore for other equipment.
For 2024-25, the revenue expenditure for the Army is set at Rs 1,92,680 crore, with the Navy and the Indian Air Force allocated Rs 32,778 crore and Rs 46,223 crore, respectively.
Dr. Laxman Kumar Behera, Associate Professor at the Special Centre for National Security Studies at Jawaharlal Nehru University, described the overall defense budget allocation as modest, reflective of the government's military priorities.
"The allocations did not show any lack of commitment to the armed forces," he told PTI.