New Delhi: Finance Minister Smt Nirmala Sitharaman’s recent presentation of the Union Budget for FY 2024-25 in Parliament unveiled a robust allocation of Rs 6,21,540.85 crore for Defence Budget underscoring the nation’s commitment to bolster self-reliance and export capabilities in the sector. Here’s a detailed breakdown of the Defence Budget and its key highlights:
1. Increased Allocation: The Defence Budget for FY 24-25 marks a significant rise, with an allocation of approximately one lakh crore (18.35%) higher than the previous fiscal year. This boost reflects a strategic emphasis on promoting self-sufficiency and enhancing export potential.
2. Capital Expenditure: A substantial portion of the budget, Rs 1.72 lakh crore, is earmarked for capital expenditure, signifying a 20.33% increase over the actual expenditure of FY 22-23. This allocation is aligned with the Long Term Integrated Perspective Plan (LTIPP) aimed at modernizing the Armed Forces and bridging critical capability gaps.
3. Focus Areas: The capital expenditure will facilitate acquisitions of cutting-edge technology weapons, including Fighter Aircraft, Ships, Unmanned Aerial Vehicles, and Specialist Vehicles, bolstering the Armed Forces’ capabilities. Additionally, initiatives such as ‘Make in India’ will receive a boost through funding for domestic production projects.
4. Revenue Expenditure: The budget allocates Rs 92,088 crore for revenue expenditure, a 48% increase over FY 2022-23, aimed at ensuring operational readiness and sustenance. This allocation encompasses maintenance facilities, ammunition procurement, and day-to-day operational expenses.
5. Defence Pension: A budget of Rs 1,41,205 crore is earmarked for Defence pensions, reflecting a 2.17% increase over the previous fiscal year. This allocation will cater to approximately 32 lakh pensioners, ensuring timely disbursement through various pension disbursing authorities.
6. Ex-Servicemen Welfare: An unprecedented allocation of Rs 6,968 crore is designated for the Ex-Servicemen Welfare Scheme, emphasizing the government’s commitment to providing enhanced healthcare facilities to veterans and their families.
7. Border Infrastructure: In light of continued threats at the Indo-China border, the Border Roads Organisation receives a significant budgetary allocation of Rs 6,500 crore, aimed at enhancing strategic infrastructure and socio-economic development in border regions.
8. Indian Coast Guard: The Indian Coast Guard’s allocation of Rs 7,651.80 crore emphasizes strengthening maritime security capabilities, with a focus on capital expenditure to address emerging challenges and provide humanitarian assistance.
9. Defence Research and Development: The budget allocates Rs 23,855 crore for Defence Research and Development Organisation (DRDO), aiming to foster innovation and research in collaboration with stakeholders. Additionally, a Technology Development Fund (TDF) scheme is introduced to support start-ups and academia in developing niche defence technology.
10. Vision for ‘Viksit Bharat’: Raksha Mantri Shri Rajnath Singh lauded the budget as a positive step towards realizing Prime Minister Shri Narendra Modi’s vision of a confident, strong, and self-reliant India (‘Viksit Bharat’). The increased capital expenditure outlay is hailed as a significant push towards achieving India’s economic goals.
The Defence Budget for FY 2024-25 reflects India’s unwavering commitment to strengthening its defence capabilities, promoting innovation, and fostering self-reliance in the defence sector.
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