India defence budget 2024: ₹6.21 lakh crore allocated; minister Rajnath Singh reacts
Defence budget 2024: Rajnath Singh thanked Nirmala Sitharaman for giving the “highest allocation”, which is 12.9% of total Budget for fiscal year 2024-25.
India has set aside ₹6,21,940 crore for defence spending in the Union Budget 2024-25 – up from last year's outlay of ₹5.94 lakh crore – finance minister Nirmala Sitharaman announced as she presented the Union Union Budget 2024 on Tuesday. In the Interim Budget 2024, ₹6,21,541 crore lakh crore was allocated for the defence sector. The allocation was 4.72 per cent more than what it was in financial year 2023-24.
The capital outlay has been pegged at ₹1,72,000 crore. The total allocation to the defence sector is 12.9 per cent of the total budget of the government of India for the financial year 2024-25.
Follow LIVE updates on Union Budget 2024
In a statement on X (formally Twitter), defence minister Rajnath Singh thanked Nirmala Sitharaman for giving the “highest allocation”, which is 12.9 per cent of the total Budget for the financial year 2024-25.
"The capital outlay of ₹1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanibharta. I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of ₹6,500 Crore to BRO will further accelerate our Border Infrastructure.
Also Read | Rahul Gandhi slams Nirmala Sitharaman's Budget: 'To appease...'
“To boost the startup ecosystem in Defence Industries, ₹518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators,” Rajnath Singh posted.
The defence budget for 2023-24 was ₹5,93,537.64 lakh crore, an increase of around ₹68,834 crore. It was ₹5,25,166 crore for the year 2022-23.
Also Read | 'For empowerment of Neo Middle Class': PM Modi lauds Union Budget
Of the allocation this year, 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 defence pensions and 4.11 per cent for civil organisations under the ministry of defence, a ministry statement added. The capital budget is spent on adding new weapons, systems and equipment.
