Nirmala Sitharaman Unveiling India's Rs 6.21 lakh crore Defence Budget 2024

Defense News ,India :- In a significant move on Thursday, Finance Minister Nirmala Sitharaman presented the eagerly awaited budget of the Narendra Modi government, setting a pivotal milestone ahead of the upcoming 2024 Lok Sabha elections scheduled for May. The focus of the budget was particularly centered on the defense sector, with the Ministry of Defence receiving an unprecedented allocation of ?6.1 lakh crore.

This allocation represents a substantial increase from the previous year's budget of ?5.94 lakh crore, marking a growth of 2.7%. The funds are earmarked to bolster critical areas such as military modernization, infrastructure development, and the promotion of indigenous defense production.

The notable surge in defense allocation follows a discernible trend observed in the previous fiscal year. Demonstrating the government's proactive approach to defense spending, the BJP-led NDA government significantly increased the defense budget for the fiscal year 2023/24 by 12.95%, escalating from ?5.25 lakh crore to ?5.94 lakh crore. This reflects a steadfast commitment to strengthening India's defense infrastructure and enhancing its military capabilities.

The heightened emphasis on defense expenditure underscores the evolving security landscape, emphasizing India's imperative to assert itself as a formidable regional power in the Indo-Pacific region. In the face of escalating security challenges, including border tensions and asymmetric threats, the need for a robust and modernized defense apparatus has never been more evident.