IN THE 75TH YEAR OF INDIA'S INDEPENDENCE, THE INDIAN Economy has been recognised as a 'bright star' with the economic growth estimated at seven per cent, the highest among all major economies, in spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine War. This was stated by Finance Minister Sitharaman while presenting the Union Budget 2023-24 in Parliament on February 1, 2023. She emphasised that Indian economy is on the right track, and despite challenging times, heading towards a bright future. The highlights of the Budget are as follows:
DEFENCE BUDGET 2023-2024
According to the Budget papers for 2023-2024, the total size of the Defence Budget 2023-2024 is ₹5,93,537.64 crore- or ₹5.94 lakh crores for ease of reference. In 2022-2023, the defence budget allocation was ₹5.25 lakh crore which figuratively speaking implies an increase of about 12.5 per cent over last year.
A total of ₹1.62 lakh crore has been set aside for Capital outlay that includes purchasing new military equipment like fighter jets, submarines, warships, missiles and other military hardware. In 2022-23, the budgetary allocation for Capital outlay was ₹1.52 lakh crore although the revised estimates for 2022-2023 show the actual expenditure as ₹1.50 lakh crores. The Capital outlay of ₹1.62 lakh crore this year indicates an increase of ₹10,000 crores or 6.7 per cent over last year.
According to 2023-24 Budget documents, an allocation of ₹2,70,120 crore has been made for Revenue Expenditure that includes expenses on payment of salaries and maintenance of establishments. The budgetary allocation of Revenue Expenditure in 2022-23 was ₹2,39,000 crore, which indicates an increase of ₹31,129 crore in this year's budget.
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EYES IN THE SKY: INDIA'S PUSH FOR ADVANCED AEW&C CAPABILITIES
India's AEW&C modernising efforts are now geared up for critical decisions amid delays
SPADEX: ANOTHER FEATHER IN ISRO'S CAP
SpaDEx is key to achieving India's long-term space exploration goals, including manned spaceflight, spacecraft maintenance, and the construction of the Bharat Antariksha Station (BAS)
DR V. NARAYANAN TAKES OVER AS CHARGE OF SECRETARY, DEPARTMENT OF SPACE; CHAIRMAN, SPACE COMMISSION AND CHAIRMAN ISRO
Dr V. Narayanan assumed the charge of Secretary, Department of Space, Chairman, Space Commission and Chairman, ISRO on the afternoon of January 13, 2025.
BRIDGING THE GAP IN THE SKIES
Ministry of Defence sets up a committee to address gaps within the Indian Air Force with a focus on Fighter Jet Squadrons UCAVs
"WE SHOULD PUT ALL OUR EFFORTS INTO BEING SELF-RELIANT ON AN AERO-ENGINE 99 AIR MARSHAL TEJINDER SINGH, DCAS
The quest for an indigenous aero-engine remains a challenge despite the initial success of the Kaveri engine. Can it be a national mission? What is needed to achieve a higher thrust of engine for Tejas Mk2 and AMCA? The possibilities are discussed at the TDF DRDO Conference among the leaders and outstanding aerospace scientists at the Conference.
EMBRAER DEFENSE & SECURITY AN EVOLVING GLOBAL LEADER
Embraer Defense and Securityâs portfolio exemplifies innovation and versatility, delivering advanced solutions across air, land, sea, space, and cyber domains to meet the evolving demands of global defence
CHINESE SIXTH GENERATION STEALTH FIGHTER: A MYTH OR REALITY
Chinaâs unveiling of the J-36 and J-50 simultaneously demonstrates its ability to rapidly develop and test advanced fighter platforms, signifying its intent to rival the United States in air power projection
DECODING CHINA'S SIXTH-GENERATION FIGHTER AIRCRAFT PROGRAMME
Chinaâs progress in sixth-generation aviation underscores its ambitions to project power far beyond its borders, influencing regional security dynamics and exacerbating the arms race in Asia
ESA'S PROBA-3 MISSION TAKES OFF ON ISRO'S PSLV
PSLV-CS9 vehicle carried European Space Agencyâs Proba-3 spacecraft into a highly elliptical orbit as a dedicated commercial mission of NSIL, the commercial arm of ISRO
KLM: THE WORLD'S OLDEST AIRLINE STILL GOING STRONG!
In 1930, KLM began scheduled passenger service between Amsterdam and Jakarta. The Fokker F.XII plane took 10 days to reach, including 81 hours of flying time. It was the world's longest scheduled flight before the Second World War.
