Defence Ministry Gets Highest Allocation

(MENAFN- Kashmir Observer) New Delhi- Finance Minister Nirmala Sitharaman on Tuesday announced the allocation of Rs 6,21,940 crore to the Defence Ministry in the Union Budget 2024-25, a 4.79 percent increase from the previous financial year. The budget allocation to the Defence Ministry is the highest among all ministries.

The Budget will help in moving towards a prosperous and self-reliant 'Viksit Bharat', Defence Minister Rajnath Singh said on Tuesday.

The budget aims to promote 'Aatmanirbharta' (self-reliance) in defence technology and manufacturing, equip the armed forces with modern weapons, and create job opportunities for the youth.

The capital outlay for the defence forces is set at Rs 1.72 lakh crore. The overall allocation to the defence sector is nearly 13 per cent of the total budget.

To boost the startup ecosystem in the defence sector, Rs 518 crore has been allocated to the Acing Development of Innovative Technologies with iDEX (ADITI) scheme, which will support technology solutions from startups and MSMEs.

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75 percent of the modernisation budget, amounting to Rs 1,05,518 crore, is earmarked for procurement through domestic industries this financial year.

To improve border infrastructure, the budgetary allocation to Border Roads Organisation (BRO) under capital for Budget Estimates (BE) 2024-25 is Rs 6,500 crore. This aims to enhance strategic infrastructure development and boost socio-economic growth in border areas.

The Indian Coast Guard (ICG) receives Rs 7,651.80 crore for FY 2024-25, with Rs 3,500 crore dedicated to capital expenditure. This will enhance the ICG's capabilities to address emerging maritime challenges and provide humanitarian assistance to other nations.

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