Budget 2023: Rs 5.94 lakh crore allocated to Defence Ministry
Budget 2023: For the defence sector, the budget was increased to Rs 5.94 lakh crore for 2023-24 from last years allocation of Rs 5.25 lakh crore.
Budget 2023: Finance Minister Nirmala Sitharaman presented the Union Budget 2023 in the Parliament today. For the defence sector, the budget was increased to Rs 5.94 lakh crore for 2023-24 from last year's allocation of Rs 5.25 lakh crore.
In the Union Budget presented in Parliament by Finance Minister Nirmala Sitharaman on Wednesday, a total of Rs 1.62 lakh crore has been set aside for capital expenditure that includes purchasing new weapons, aircraft, warships and other military hardware.
For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore but the revised estimate showed the expenditure at Rs 1.50 lakh crore.
According to 2023-24 budget documents, an allocation of Rs 2,70,120 crore has been made for revenue expenditure that includes expenses on payment of salaries and maintenance of establishments.
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The budgetary allocation of revenue expenditure in 2022-23 was Rs 2,39,000 crore.
In the budget for 2023-24, the capital outlay for the Ministry of Defence (Civil) has been pegged at Rs 8,774 crore while an amount of Rs 13,837 crore has been set aside under capital outlay.
A separate amount of Rs 1,38,205 crore has been allocated for defence pensions.
The total revenue expenditure including the pension outlay has been estimated at Rs 4,22,162 crore.
According to the budget papers, the total size of the defence budget is Rs 5,93,537.64 crore.
According to Zee Business Editor, Anil Singhvi, the government did not announce major changes in Defence sector allocation as they have already made provisions for it in the past two years.
Zee Business panelist Varinder Bansal said that Rs 6 lakh crore outlay was expected by market for the defense sector which came low in the budget 2023 and the capital growth was only 6 per cent to 7 per cent which was last year 15 per cent to 20 per cent.
Meanwhile, defence stocks such as HAL, BEL traded under pressure, falling nearly 5 per cent.
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