In the last full budget ahead of the 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman announced an allocation of 5.94 lakh crore rupees for the Ministry of Defence, reported The Quint.
In the 2022 Budget, the total allocation towards the defence sector was 5.25 lakh crore rupees, which made up 13.31 percent of the total budget.
As per the report, the key highlights of the 2022 Budget for defence included:
In a push to the Modi government’s vision of ‘Atmanirbhar Bharat’, 68 percent of the capital procurement budget was earmarked for the domestic defence industry in 2022-23, up from 58 percent in 2021-22.
25 percent of the defence budget was earmarked for R&D to be opened up for industry, startups, and academia.
Setting up an independent nodal umbrella body for meeting testing and certification requirements.