In major boost to India’s Armed Forces, the defence budget saw 12.95% hike for the 2023-24 financial year, with a total allocation of Rs 5.93 lakh crore. Capital Outlay has also been increased by Rs 10,000 crore, which has enabled the Defence Budget to reach Rs 1.62 lakh crore.
With unveiling of Defence Budget, the Government has prioritized its defence spending, in light of tense border stand-off with China.
Defence Budget Terminologies
Capital Expenditure
Capital Expenditure includes money spent on salaries of armed forces and civilians , pensions, modernization of armed forces, production establishments, maintainance, and research and development organizations.
Revenue Expenditure
Revenue expenditure includes expenses on payment of salaries of defence personnel and maintenance of establishments
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Takeaways of Defense Budget 2023
- Rs 1.62 lakh crore has been set aside for capital expenditure which includes purchasing new weapons, aircraft, warships and other military hardware
- Allocation of Rs 2,70,129 crore has been set aside for revenue expenditure
- Capital Outlay for Ministry of Defence (Civil) has been pegged at Rs 8774 crore
- Separate amount has been allocated for pension expenditure i.e. Rs 1,38,205 crore
- Total revenue expenditure including pension outlay has been estimated at Rs 4,22,162 crore
- Special Relief for Agniveers: Payment received by ‘Agniveers’ from Agniveer Corpus Fund is proposed to be exempted from taxes
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