India’s Defence Budget for 2024: ₹6.21 Lakh Crore Allocated, Rajnath Singh Applauds
In the Union Budget for 2024-25, India has earmarked ₹6,21,940 crore for defence spending, marking an increase from last year’s allocation of ₹5.94 lakh crore. This amount represents a 4.72% rise from the previous fiscal year and accounts for 12.9% of the total Union Budget.
In the Union Budget for 2024-25, India has earmarked ₹6,21,940 crore for defence spending, marking an increase from last year’s allocation of ₹5.94 lakh crore. This amount represents a 4.72% rise from the previous fiscal year and accounts for 12.9% of the total Union Budget.
Finance Minister Nirmala Sitharaman announced the significant allocation on Tuesday, highlighting the government’s commitment to bolstering national security. The defence budget includes a capital outlay of ₹1,72,000 crore, aimed at enhancing the capabilities of the Armed Forces. This allocation also reflects a strong push towards domestic procurement with ₹1,05,518.43 crore designated for local capital purchases, supporting the Atmanirbhar Bharat initiative.
Defence Minister Rajnath Singh expressed his gratitude for the “highest allocation” ever given to the defence sector. In a statement on X (formerly Twitter), Singh commended the increased funds, particularly the 30% rise in the Border Roads Organisation (BRO) budget, which has been raised to ₹6,500 crore. This increment is expected to accelerate infrastructure development along India’s borders.
Additionally, ₹518 crore has been allocated to the iDEX scheme to support startups, MSMEs, and innovators in the defence industry, aiming to foster technological advancements and boost the startup ecosystem in the sector.
The distribution of the budget includes 27.67% allocated to capital expenses for new weapons and equipment, 14.82% for revenue expenditure on operational preparedness, 30.68% for pay and allowances, 22.72% for defence pensions, and 4.11% for civil organizations under the Ministry of Defence.
Sources By Agencies
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