Defence budget pegged at Rs 6,21,940 Cr for 2024-25

New Delhi: NEW DELHI: Amidst the current geopolitical scenario and the tensions along the northern border with China, the defence budget allocated on Tuesday to the Ministry of Defence has been pegged at Rs 6,21,940.85 crore, which in real terms is an increase of Rs 400 crore.

The interim Defence Budget approved in February was Rs 6,21,540.85 crore, which was increased by Rs 28,003.21 crore when compared to that of 2023-24.

The Union Budget was presented by Finance Minister Nirmala Sitharaman in Parliament.

The Defence Budget for 2023-24 was Rs 5,93,537.64 crore, an increase of around Rs 68,834 crore. It was Rs 5,25,166 crore for the year 2022-23.

The budgetary allocation for capital expenditure in Defence for FY 24-25 is Rs 1.72 lakh crore, which is 20.33% higher than the actual expenditure of FY 22-23 and 9.40% more than the Revised Allocation of FY 23-24.

The allocation is in line with the Long Term Integrated Perspective Plan (LTIPP) of the three Services aimed at filling the critical capability gaps through the modernisation of the Armed Forces by materialising some big-ticket acquisitions in FY 2024-25.