Defence Budget Hiked 13% To Rs 5.94 Lakh Crore Amid Tensions With China
NDTV
Finance Minister Nirmala Sitharaman allocated Rs1.63 trillion for defence capital outlays - an expenditure that would include new weapons, aircraft, warships and other military hardware.
India proposed on Wednesday Rs 5.94 trillion ($72.6 billion) in defence spending for the 2023-24 financial year, 13% up from the previous period's initial estimates, aiming to add more fighter jets and roads along its tense border with China.
Finance Minister Nirmala Sitharaman allocated Rs1.63 trillion for defence capital outlays - an expenditure that would include new weapons, aircraft, warships and other military hardware, as she unveiled nearly $550 billion of total federal spending in the annual budget for 2023-24 starting in April.
She said Rs 2.77 trillion would be devoted to military salaries and benefits in 2023-24, 1.38 trillion on pensions for retired soldiers, and further amounts for miscellaneous items.
Ms Sitharaman also revised the defence budget for the current financial year ending in March to Rs 5.85 trillion from earlier estimates of 5.25 trillion.