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Defense Budget: The general budget of the country is going to come before us on February 1, 2023. Finance Minister Nirmala Sitharaman will present it in Parliament in the coming days. Explain that the amount is allocated for different sectors in the budget. Now, in such a situation, the government’s important attention is also towards the defense sector, because both the progress and security of the country are important issues. On the other hand, today we are going to give you important information about the defense budget in the last three years.
Table of Contents
This budget was considered promising and progressive, where the allocation of funds in this year’s defense budget was modest. Let us tell you that in comparison to last year, this time the defense budget-2020 was increased by 6%, where the budget of the defense sector was increased to Rs 3.37 crore. At the same time, in this defense budget, the government had allocated an amount of Rs 1,10,734 crore for the purchase and modernization of weapons for the defense sector. Along with this, the government had released Rs 1.33 lakh crore for the pension of defense personnel.
This year, there was a huge increase in the budget of the defense sector, which was the highest in 15 years. An allocation of Rs 4,78,195 crore was announced for the defense sector this year, where the modernization fund of the armed forces was increased from Rs 1,13,734 crore to Rs 1,35,060 crore this year. Along with this, the budget of Defense Pension was also increased significantly.
The budget of the defense sector was also increased in the budget year 2022-23, where an amount of Rs 525,166 crore was allocated to this sector through the budget. At the same time, this year’s defense budget saw an increase of 10%, where in the capital expenditure, Rs 32,015 crore was allocated for the Army, Rs 47,590 crore for the Navy and Rs 55,586 crore for the Air Force. Along with this, Rs 11,981 crore was allocated for research and development in the defense sector in this budget.
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