With conflicts and border skirmishes on the rise across the globe, governments are increasing their budget allocations to the defense sector, primarily to acquire advanced equipment and develop infrastructure to deal with any contingency.
The Indian government on Tuesday released its budget for 2024-25, allocating 12.9% of the total budget to defence. But how does India stand compared to China and Pakistan when it comes to defence spending? Let’s take a look.
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India (US$75 billion)
India’s defence budget this year ₹6.21 lakh crore (approximately US$ 75 billion), up from last year’s spending. ₹5.94 lac crores.
- The allocation for the Ministry of Defence for the fiscal year 2024-25 is approximately ₹According to the Ministry of Defence (MoD), the budget is Rs 100,000 crore (18.43%) more than the allocation for 2022-23 and 4.79% more than the allocation for 2023-24.
- Defence Minister Rajnath Singh said ₹1,72,000 crores will further strengthen the capabilities of the armed forces.
- 1.05 crore ( ₹An amount of Rs 1,05,518 crore has been earmarked for domestic capital raising.
2024 Budget: A complete list of what’s cheaper and what’s more expensive
- Border infrastructure development: ₹6,500 crore to the BRO. This allocation is 30 percent higher than the allocation for FY23-24 and 160 percent higher than the allocation for FY21-22.
- ₹An amount of Rs 92,088 crore has been allocated for sustainment and operational readiness, which is 48 per cent more than the budget allocation for 2022-23, according to the Ministry of Defence.
- The defense pension budget ₹1.41 rupees.
- ₹Allocation of Rs 6,968 crore for the Emergency Care Health Scheme (ECHS)
- ₹The Indian Coast Guard (ICG) has been allocated Rs 7,651.80 crore, which is 6.31 per cent more than its allocation for 2023-24, the defence ministry said.
How will the amount be allocated?
27.66 percent: Planned capital acquisitions
14.82 percent: Revenue expenditures (maintenance and operational preparations)
30.66 percent: Salaries and benefits
22.70 percent: National Defense Pension
4.17 percent for civilian organizations under the Ministry of Defense.
How will the budget be spent?
The defence ministry said the increased budgetary allocation will meet annual cash outlay requirements for planned capital procurement aimed at equipping the armed forces with cutting-edge niche technologies, lethal weapons, fighter aircraft, ships, submarines, platforms, unmanned aerial vehicles, drones and specialised vehicles etc.
China ($231.36 billion)
China has increased its defense budget by 7.2 percent for 2024 compared to last year. In March, China announced a proposed defense budget of 1.66554 trillion yuan ($231.36 billion). China has increased its defense budget for nine consecutive years since 2015, despite a slowing economy.
Pakistan( ₹2.122 trillion)
In the 2024-25 budget, Pakistan ₹The 2024 defense budget will be $2.122 trillion, a 17.6% increase over last year’s budget, the second-largest defense spending increase in the past six years, according to the report.
However, funding for major military procurements as well as nuclear weapons and missile programs is believed to be funded through a separate route hidden under classified budget items, according to Dawn News.
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