On Thursday, Finance Minister Nirmala Sitharaman unveiled the much-anticipated budget of the Narendra Modi government, marking a crucial milestone as the nation gears up for the 2024 Lok Sabha elections slated for May. Among the key highlights of the budget, the defense sector emerged as a focal point, with the Ministry of Defence receiving the highest allocation in history, amounting to a staggering ?6.1 lakh crore.
Representing a significant increase from the previous year’s allocation of ?5.94 lakh crore, the defense budget has witnessed a growth of 2.7%.The allocation is expected to support critical areas like military modernization, infrastructure development, and indigenous defense production.
The substantial rise in defense allocation comes on the heels of a notable trend observed in the previous fiscal year. In a testament to the government’s proactive stance on defense spending, the BJP-led NDA government substantially augmented the defense budget for the fiscal year 2023/24 by 12.95 percent. The allocation surged from ?5.25 lakh crore to ?5.94 lakh crore, reflecting a steadfast commitment to fortifying India’s defense infrastructure and enhancing its military capabilities.
The heightened focus on defense expenditure is indicative of the evolving security landscape and the imperative for India to assert its position as a formidable regional power in the Indo-Pacific region. With escalating security challenges, including border tensions and asymmetric threats, the need for a robust and modernized defense apparatus has never been more pronounced.