Defence Budget Pegged at Rs 6.21 Lakh Crore for 2024-25

In a modest hike, the government on Thursday increased the defence budget to Rs 6.21 lakh crore for 2024-25 from last year's allocation of Rs 5.94 lakh crore and announced an ambitious scheme for "deep-tech" technologies in the military domain.

In the interim Union budget presented in Parliament by Finance Minister Nirmala Sitharaman, a total of Rs 1.72 lakh crore was set aside to the military for capital expenditure that largely includes purchasing new weapons, aircraft, warships and other military hardware. For 2023-24, the budgetary allocation for capital outlay was Rs 1.62 lakh crore.

The finance minister also announced that a new scheme will be launched for strengthening deep-tech technologies for defence purposes and to expedite 'atmanirbharta' or self-reliance in the area.