Union Budget 2024: Only a few steps are left for the presentation of the interim budget. Finance Minister Nirmala Sitharaman is going to present the budget for the sixth consecutive time. The Finance Minister has said that there will be no major announcements in the interim budget. But in the prevailing global situation, it is believed that the defense budget can be increased.
India has strained relations with its neighbors Pakistan and China. Due to which our soldiers remain in alert mode all the time on the border. Global tension due to border tension has increased the concern for India. In 2023, global tension has troubled us the most. The war between Russia and Ukraine that started in February 2022 continues. The war between Israel and Hamas started in October 2023. On top of that, Houthi rebels are continuously attacking ships in the Red Sea, which is affecting trade.
Due to global tension, modernization of its military power is a big challenge for India. It is also very important to promote self-reliant India and Make in India for defense equipment. The Standing Committee of Parliament related to the Defense Ministry has advised the government to increase the defense budget.
In such a situation, it is believed that more money can be allocated for the defense sector in the interim budget. An announcement can be made in the budget for the procurement of India's second indigenous aircraft carrier, for which a provision of Rs 40,000 crore is likely to be made in the budget. Apart from this, money can also be allocated in the interim budget to purchase 97 Tejas Mark-1A aircraft.
Provisioning 3 percent of GDP for defense sector is a global benchmark but India is far behind in this matter. The Defense Ministry was allocated Rs 593,537 crore in the 2023-24 budget. But this time it is estimated that the government may make provision of more money for the defense budget.
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