Defence Budget For 2023-24 Set At Rs 5.93 Lakh Crore, A Hike Of Over 12.5 Per Cent From Last Year

The Narendra Modi government has increased the defence budget to Rs 5.93 lakh crore for 2023-24, from Rs 5.25 lakh crores the previous year. This constitutes a hike of over 12.5 per cent from last year.

Out of the total budget of Rs 5.96 lakh crore, Rs 1.62 lakh crore will be allocated for purchasing new military equipment such as fighter jets, submarines, warships, missiles, and others. This represents a 6.7 per cent increase from last year's allocation of Rs 1.52 lakh crore.

However, the pensions budget has risen significantly, from Rs 1.19 lakh crore last year to Rs 1.38 lakh crore this year, which is an increase of around 15 per cent.

More details awaited.