Union Budget 2024: Significant Reduction in Defence Budget by Nirmala Sitharaman
Union Budget 2024 Overview
The Union Budget 2024, presented by Nirmala Sitharaman, marks a significant change in India's financial priorities.
Defence Budget Reduction
The government has notably reduced the defence budget to Rs 4.54 lakh crore, which is a substantial decrease from previous allocations. This reduction highlights a strategic shift.
Focus on Job Creation
- Job creation is put at the forefront of the government’s agenda.
- Domestic manufacturing is increasingly being prioritized to stimulate the economy.
Indigenisation Efforts
- The Union Budget aims at addressing the need for indigenisation.
- This includes boosting local industry to decrease reliance on foreign military purchases.
Conclusion
This approach demonstrates the government's commitment to reshaping the economic landscape of India, focusing on self-reliance and sustainable growth in the face of changing global dynamics. The strategic reduction in the defence budget serves as a clear indicator of this new direction.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.