India's Defence Budget for 2023-24 Peaks at ₹6.22 Lakh Crore with a Focus on Self-Reliance
Tuesday, 23 July 2024, 19:00
Defence Budget Overview
The Indian government has announced an increase in the defence budget for the financial year 2023-24.
New Budget Allocation
The total allocation is now set at ₹6.22 lakh crore, marking a 4.79% increase from last year’s budget estimates of ₹5.93 lakh crore.
Focus on Atmanirbharta
This budget emphasizes the government’s goal of achieving 'Atmanirbharta' in the defence sector, which translates to self-reliance and independence.
Implications
- The increase aims to enhance national security.
- It is expected to bolster domestic manufacturing.
- Reduces dependency on foreign suppliers.
Conclusion
This significant budget hike signals a determined effort to strengthen India’s defence capabilities while supporting local industry.
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.