New Delhi, Feb 2 (ANI): The defence budget has been hiked by 6 per cent from Rs 3.18 lakh crore to Rs 3.37 lakh crore in the Union Budget 2020 presented by Finance Minister Nirmala Sitharaman on Saturday.
With defence pensions, the total budget would go up to Rs 4.7 lakh crore.
For modernisation and buying new weapon systems, defence forces have been allocated Rs 1,10,734 crore which is Rs 10,340 more than what was provided in last year’s budget.
The biggest hike in allocation for defence forces came in the defence pension budget which goes up to Rs 1.33 lakh crore from last year’s Rs 1.17 lakh crore.
The hike in defence pension budget is more than the hike given in revenue and capital funds for defence.
The Finance Minister did not mention the defence budget in her speech.
The Union Budget for the financial year 2019-20, presented by the Finance Minister in the Parliament envisaged a total outlay of Rs 27,86,349 crore. Out of this Rs 3,18,931.22 crore had been earmarked for Defence (excluding Defence Pension).
Last year, the standing committee report suggested that there was a shortfall of over Rs one lakh crore from what they had asked for from government.
The forces are looking to build submarines, fighter aircraft and helicopters under the strategic partnership policy, and also to buy multirole helicopters and surveillance aircraft from foreign countries.