Thursday, February 29th, 2024

What is the expectation of the defense sector from the budget 2023? Know in this special report

Photo: CANVA Defense sector budget – what are the expectations from 2023?

Budget 2023: The general budget of the country is going to come soon, while the expectations of every class and every sector are attached to it. A lot of expectations are also attached to the defense sector from this budget, let us tell you that in order to give better recognition to the defense sector, works like defense corridor and promotion of private sector have already been done by the government. While the eyes of the world were fixed on India for opening the defense sector to the private sector, the current phase is a bit difficult because now inflation is increasing, there is a possibility of recession. In such a situation, the budget-2023 is going to be very special for the defense sector because only this will open the way forward.

Government will have to work on the right strategy

The challenges of the government have also increased after opening the defense sector for private, in such a situation, the government will have to work on the right strategy for this. At the same time, the government will have to make a right strategy to respond to the private sector and industry, only then its good results will be seen.

Financial allocation will have to be increased

The government will have to increase the financial allocation of the defense sector, where the increase in financial allocation will increase the resources of the defense sector. On the other hand, the measure of defense capability in the whole world is the resources present in the defense of the country.

These are the expectations of the defense sector

  1. Adequate funding is still needed by the defense sector, because the government has made a lot of reforms at the level of regulation, while it will be effective only when there is adequate funding.
  2. The defense sector is looking at increasing capital allocation as the pressure on the sector is increasing along with rising inflation. Explain that the cost of transfer of technology, acquisition at the domestic level, etc. increases due to the increase in inflation.
  3. For a significant change in the defense sector, we will have to increase our expenditure on its research and development, which can be announced in the budget-2023.
  4. If we talk about new manufacturing companies, then they have to pay corporate tax at the rate of 15%, which has been extended by the government till March 2024, whereas it needs to be increased further.

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