According to them, defence allocation rose from ₹5.93 trillion in the financial year 2023-24 (FY24) to ₹6.21 trillion in FY25, up 4.75 per cent.
While that is true, the rise is insufficient to cover even the Reserve Bank of India's (RBI's) consumer price index (CPI) inflation, which stands at 5.4 per cent this year. Nor do these figures add to the rise in the cost of forex.
The cost of the dollar has gone up by 1.2 per cent this financial year.
Calculating in a longer time frame, defence allocation has risen from ₹4.03 trillion in financial year 2018-19 (FY19) to ₹6.21 trillion in FY25, a rise of over 55 per cent during the seven-year period. Another measure of the defence budget's rise or fall is to compare each year's defence spending with that year's central government expenditure (CGE).
That measures a country's nominal defence spending as well as the opportunity cost that it pays.
By that measure, the total defence expenditure in FY19 amounted to ₹4.03 trillion out of the CGE of 23 trillion. That put defence spending, as a percentage of CGE, at 17.43 per cent.
Bu hikaye Business Standard dergisinin February 19, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin February 19, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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