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Budget 2024 for Defence Sector
What are the top expectations for the Defence Sector in the upcoming Interim Budget 2024-2025? Click on to financialexpress.com and get a comprehensive idea on our dedicated page Who Gets What. Navigate through a handy ready reckoner, meticulously crafted to provide a glance at previous Budgets declarations for the sector.
Budget 2024 Announcements for Defence Sector
Defence Sector
- A new scheme will be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’.
Who Got What
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Budget Announcements for Defence Sector in FY2024
Defence Sector
- The defence services today got a hike of around 13 per cent in their budget for 2023-24 as Rs 5.94 lakh crore were allocated.
- The modernisation budget has also been hiked to Rs 1.62 lakh crore, used for the acquisition of weapon systems and equipment from Indian firms.
- The pension budget of the Forces has been increased to Rs 1.38 lakh crore.
Budget Announcements for Defence Sector in FY2023
Defence Sector
- Rs 5.25 lakh crore was allotted to Defence.
- It has been proclaimed that 25% of the defence R&D budget will be designated for industry, startups, and academia to partake in Defence R&D.
- There is a revealed strategy to encourage private industry involvement in designing and developing military platforms and equipment. This collaboration will take place with DRDO and other organizations using the Special Purpose Vehicle (SPV) model.
Budget Announcements for Defence Sector in FY2022
Defence Sector
- Proclaimed the allocation to the Ministry of Defence of the highest amount in 2021-22 totaling Rs 4,78,196 crore.
Budget Announcements for Defence Sector in FY2021
Defence Sector
- Ministry of Defence allocated the highest amount of Rs 4,71,378 crore in 2020-21.
Budget Announcements for Defence Sector in FY2020
Defence Sector
- Defence budget exceeded Rs 3,00,000 crore for the first time
- One Rank One Pension (OROP) fully underway, with Rs 35,000 crore disbursed
- Increase in Military pay service was pronounced to support implementation
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