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 MARCH-APRIL 2023 edition of Aviation World.
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This story is from the MARCH-APRIL 2023 edition of Aviation World.
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