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.
Denne historien er fra Issue 2, 2023-utgaven av SP’s Aviation.
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Denne historien er fra Issue 2, 2023-utgaven av SP’s Aviation.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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BOEING'S SERVICE SUPPORT FOR SELF-RELIANCE IN AEROSPACE AND DEFENCE
Boeing Defence India (BDI) remains committed to developing in-country capabilities and strengthening its support for India's defence ecosystem
"WILL CONTINUE THE POLICY FOR DEFENCE REFORMS TO BOOST MANUFACTURING"
Furthering the country's defence production target of three lakh crore by 2029 and leading such initiatives is Sanjeev Kumar, Secretary, Department of Defence Production, Ministry of Defence. In an exclusive interaction, Consulting and Contributing Editor Manish Kumar Jha speaks with the Secretary, on his roadmap and policies for spurring defence manufacturing in India, for both public and private sectors.
LESSONS FOR AIRPOWER
Learning from the Past and Ongoing Conflicts
"OUR CURRENT R&D BUDGET IS WOEFULLY SHORT"
Air Chief Marshal A.P. Singh, Chief of the Air Staff believes that while concentrated efforts to increase the same are on-going, the private industry would also need to actively invest in this sector
AW109 TREKKERM
Leonardo's state-of-the-art multi-role military light helicopter
IAF'S CHALLENGES AND KEY SOLUTIONS
Major industry platforms like Aero India 2025, showcasing advanced aerospace and defence technology solutions, present a crucial opportunity for the Indian Air Force (IAF) to address its operational challenges
CIRRUS SR22: CHOOSE CAPS FOR SAFETY!
Cirrus Aircraft and COPA set out to create a culture in which pilots who operated the CAPS system were celebrated - not criticised or even questioned - for their decision. This resulted in a steep drop in accident rates.
SEARCH FOR A MEDIUM LIFT HELICOPTER
The Indian Multi-Role Helicopter (IMRH), offering diverse capabilities, is being developed to cater to both military and civilian applications
INDIAN AEROSPACE INDUSTRY AT AN INFLECTION POINT
Aero India 2025 is a golden opportunity for all stakeholders, from policymakers to DRDO, PSUS and private industry, to come together and showcase their commitment to not only make India Atmanirbhar in Aerospace but also be a reliable and capable exporter of aerospace products
"MIDDLE-EAST REGION IS A LAUNCH PAD, AND OUR AIRCRAFT ARE WELL-SUITED FOR MISSIONS OUT OF HERE"
The MEBAA show, held in Dubai every second year, witnesses a very regular participation of Gulfstream Aerospace. The 2024 edition held in December last year also witnessed a great and active participation of Gulfstream. Jayant Baranwal, Editorin-Chief, SP's Aviation, had an exclusive conversation at this occasion, with Michael Swift, Group Vice President - Sales, EMEA & APAC, Gulfstream Aerospace.
