Defence Budget 2020-21 Up by 6%, Allocation Raised to Rs 3.37 Lakh Crore, Marginal Hike in Capital Expenditure
The Narendra Modi government on Saturday allocated Rs 3.37 lakh crore to the defence sector. This year’s defence budget has been increased by six percent as compared to the last year. The defence pension budget has hiked up to Rs 1.33 lakh crore from Rs 1.17 lakh crore.
New Delhi, February 1: The Narendra Modi government on Saturday allocated Rs 3.37 lakh crore to the defence sector. This year’s defence budget has been increased by six percent as compared to the last year. The defence pension budget has hiked up to Rs 1.33 lakh crore from Rs 1.17 lakh crore. With defence pensions, the total budget would go upto Rs 4.7 lakh crore. Union Budget 2020-21 Highlights: FM Nirmala Sitharaman Announces New Income Tax Slabs But With Riders, Allocates Rs 2.83 Lakh Crore For Agriculture and Rs 69,000 for Healthcare; Here Are All Updates.
The increase in defence pension budget is more than that given in revenue and capital funds allocated for the defence sector. The Modi government has allocated Rs 1,10,734 crore for the modernisation defence sector, including purchasing of new weapons. The amount allocated for modernisation is just Rs 10, 340 more than what was allocated last year.
However, there was also no mention of the defence budget during the budget speech of Finance Minister Nirmala Sitharaman. In the previous Modi government, Sitharaman had served as the Finance Minister.
After coming to power, in July last year, the Centre had allocated Rs 3 Lakh Crore to defence forces. Apart from the defence budget, the government had also allocated Rs 35,000 crore for One Rank One Pension (OROP). The Defence Budget 2019 was 1.7 percent (approx) more as compared to the previous budget. Meanwhile, it is only 10.78 percent of total expenditure.
Union Finance Minister Nirmala Sitharaman on Saturday presented the Union Budget 2020 in the parliament. In her second budget, Sitharaman said that this budget is based by three themes -- aspirational India, economic development for all and caring society.
(The above story first appeared on LatestLY on Feb 01, 2020 04:23 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).