The Defence Minister Rajnath Singh termed this budget as growth-oriented as it will help in achieving the Government's goal of making India a $5 trillion economy within few years.
There are many core components that is being added in the budget for the first time. For the armed Forces, who have to be battle ready to meet any eventuality, so for them NonSalary revenue outlay has been enhanced significantly from Rs 62,431 crore in Budget Estimates (BE) 2022-23 to Rs 90,000 crore in BE 2023-24, representing a 44% jump. This expenditure is expected to close critical gaps in the combat capabilities and equip the Forces in terms of ammunition, sustenance of weapons & assets, military reserves etc. This Budget has also sustained the thrust on Modernisation and Infrastructure Development of the Defence Services, by continuing an upward trend in Capital Outlay.
The Union Budget for Financial Year 202324 envisages a total outlay of Rs 45,03,097 crore. Of this, Ministry of Defence has been allocated a total Budget of Rs 5,93,537.64 crore, which is 13.18% of the total budget. This includes an amount of Rs 1,38,205 crore for Defence Pensions. The total Defence Budget represents an enhancement of Rs 68,371.49 crore (13%) over the Budget of 2022-23.
HIGHLIGHTS OF DEFENCE BUDGET
Increase in the Non-Salary/operational allocations The Non-Salary Revenue/operational allocation gets a boost of Rs 27,570 Crore, with the budgetary outlay ence under this segment augmented from Rs 62,431 crore in BE 2022-23 to Rs 90,000 crore in BE 2023-24.
This will cater to sustenance of Weapon Systems, Platforms including Ships/Aircrafts & their logistics; boost fleet serviceability; emergency procurement of critical ammunition and spares; procuring/hiring of niche capabilities to mitigate capability gaps wherever required; progress stocking of military reserves, strengthening forward defences, amongst others.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
ACFI Annual Conclave 2024 premier event for India's booming air cargo industry
The Air Cargo Forum India (ACFI) held their Annual Conclave themed “Unlocking Potential Paving Way for a Developed India” in New Delhi. The event aimed to foster collaborative brainstorming sessions to unlock the potential of international and domestic freight movements.
HYDROGEN FLIGHT LOOKS READY FOR TAKE-OFF WITH NEW ADVANCES
The possibility of hydrogen-powered flight means greater opportunities for fossilfree travel, and the technological advances to make this happen are moving fast.
SHAPING THE FUTURE OF ICAO An interview with ICAO Secretary General Juan Carlos Salazar
In 2023 we began an ambitious three-year journey to ensure ICAO is fit for the futureOur goal is to become more results-driven with a people-focused culture and way of working.
INDIAN NAVY BIDS FAREWELL TO UH-3H HELICOPTER
Indian Navy bid farewell to the UH-3H helicopter after 17 years of glorious service during a de-induction ceremony held at INS Dega, Visakhapatnam on 28 Jun 24.
FINNAIR remains committed to optimising its operations for the benefit of customers...
In an interview with Aviation World, Mr. Anupam Vig, General Manager - India, Finnair highlights plans to cater to the growing demand from India. Excerpts:
"OUR CORE HAS BEEN TRAINING AND WE STRIVE TO PRODUCE THE SAFEST AND BEST PILOTS," KHUSHBEG JATTANA, GENERAL MANAGER, SIMAERO INDIA
International pilot training and flight simulator provider, Simaero, recently announced that it will invest $100 million in India to train up to 5,000 pilots over the next five years.
"The demand for small to mid-size aircraft is quite high in India, especially in the charter segment"
In a candid interview, Rohit Kapur, President of Sales Asia Pacific, JetHQ briefs Vishal Kashyap, Managing Editor, Aviation World about the current status of Business Aviation in India, the projections and the much talked about fractional ownership. Excerpts...
We have seen a large growth in the aerospace segment in last decade...
Telangana is one of the most successful state of India which has largest number of foreign OEMS working under Make In India initiative.
Optimising Airport IT Infrastructure with Innovation and Efficiency
For an airport's operations to thrive, a multitude of variables need to fall into place seamlessly in its IT infrastructure.
HUGH AITKEN
“India has grown to be one of our top markets at Skyscanner. We have seen spectacular growth coming for both International and Domestic travel, with international bookings via Skyscanner +121 per cent ahead of 2019 levels and Domestic bookings +639% above 2019 levels. In the first week of January 2024 alone, India saw an increase of 35 per cent in searches when compared to the same period in 2023.
