India's Interim Budget Allocates Over Rs 6.21 Lakh Crore to Defence, Prioritizing Modernization and Self-Reliance

The Interim Union Budget for 2024-25 has allocated over Rs 6.21 lakh crore to the Ministry of Defence, marking an increase of 4.72% compared to the previous fiscal year. Within this budget, Rs 1.72 lakh crore, equivalent to 27.67% of the total defence budget, is allocated for capital acquisition. The budget for revenue expenditure (excluding salary) stands at Rs 92,088 crore. Additionally, the allocation for Defence pensions has been increased to Rs 1.41 lakh crore.

The budget also includes Rs 6,500 crore for strengthening border infrastructure and Rs 7,651.80 crore for the Indian Coast Guard. The Defence Research and Development Organisation (DRDO) receives an allocation of Rs 23,855 crore, with a significant portion dedicated to capital expenditure. Furthermore, a Rs one lakh crore corpus has been established for Deep Tech for long-term loans to youth and companies.

This budget reflects the government's commitment to promoting self-reliance, enhancing defence capabilities, and bolstering infrastructure and innovation in the defence sector.