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More firepower for defence spending
Mint Mumbai
|February 02, 2024
India on Thursday set aside ₹6.2 trillion for defence spending in the interim budget for FY25, an allocation that was 4.72% higher than in last year's budget estimates and marginally lower (0.37%) compared to the revised estimates for FY24.
In her budget speech, finance minister Nirmala Sitharaman also announced a new scheme to strengthen deep tech in the defence sector.
This year's defence budget accounts for 1.89% of the projected gross domestic product (GDP) for FY25.
The budget includes a revenue expenditure of ₹2.8 trillion, capital outlay of ₹1.7 trillion and a pension outlay of ₹1.4 trillion.
The capital outlay for the modernization of the armed forces is 5.78% higher than last year.
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