New DelhiOn Thursday, ** raised the defense budget to 62 in the 2024-25 medium-term budgetRs 1 trillion, up from 59 last yearRs 4 trillion is 4 crore higher72%。
Funding for the Ministry of Defence accounts for more than 13 percent of the total budget proposed by the United Nations, and India's finance minister, Nirmala Sitharaman, said in parliament on Thursday. According to the Ministry of Defense, the increased budget allocation will help equip the armed forces with the most advanced, niche technologies for lethal **, fighter jets, ships, platforms, drones, drones and special vehicles, among others.
It is planned to modernize the existing Su-30 fleet, and the Ministry of Defense said in a statement that the procurement of aircraft, the procurement of existing MiG-29 advanced engines, the procurement of C-295 transport aircraft and missile systems will be allocated from the allocated budget.
In addition to this, in order to further promote the 'Make in India' initiative, LCA MK-I IOC FOC company configuration will be added, it added that the final funds will be used to secure state-of-the-art technology for domestic production. "The Indian Navy's projects, including the acquisition of deck-based fighter jets, submarines, next-generation survey vessels, etc., will be realized through this grant. ”
India's Ministry of Defence said a significant portion of the grant will be used to provide the country with domestically made, next-generation systems, through domestic procurement, which will have a multiplier effect on GDP, create jobs, ensure capital formation, and provide a stimulus to the domestic economy. (Read also: Budget 2024: Ecology Economy - Past and Present) will be released
The defence budget allocation for FY 24-25 is about Rs 10 trillion higher than the allocation for FY 2022-23 (18.).35%), which is 472%。
Of the total appropriations, 2767% of the main share goes to capital, 1482% is used for maintenance and business income expenditure NAL provisions, 3068% for salaries and allowances, 2272% for pensions, 411 per cent for civil society organizations under the Ministry.
The budget allocation for defense capital expenditures for FY24-25 is 1Rs 72 trillion, which is 20 more than the actual expenditure in FY22-2333%, which is 940%。(Also read: Indian Railways allocates 2 in the Medium Term Budget for the 2024-25 Fiscal Year.)Rs 52 trillion).
This grant is in line with the Tri-Services Long-Term Integrated Vision Program (LTIPP), which aims to fill key capability gaps in the modernization of the armed forces through some large purchases in fiscal year 2024-25; The ministry said.