India proposed on Wednesday 5.94 trillion rupees ($72.6 billion) in defence spending for the 2023-24 financial year, 13% up from the previous period’s initial estimates, aiming to add more fighter jets and roads along its tense border with China.
According to Reuters, Finance Minister Nirmala Sitharaman allocated 1.63 trillion rupees for defence capital outlays – an expenditure that would include new weapons, aircraft, warships and other military hardware, as she unveiled nearly $550 billion of total federal spending in the annual budget for 2023-24 starting in April.
She said 2.77 trillion rupees would be devoted to military salaries and benefits in 2023-24, 1.38 trillion on pensions for retired soldiers, and further amounts for miscellaneous items. Sitharaman also revised the defence budget for the current financial year ending in March to 5.85 trillion rupees from earlier estimates of 5.25 trillion.
In the past few years, Prime Minister Narendra Modi has ramped up spending to modernise the military, while underlining his government’s commitment to boosting domestic production to supply forces deployed along two contentious borders. Laxman Behera, a defence expert at government-funded Jawaharlal Nehru University in New Delhi, said the hike in the defence budget was “reasonable but not sufficient”, considering requirements for military modernisation. “The government has tried to allocate reasonable funds for defence forces while balancing other priorities during the pre-election budget,” he said, noting India needed more funds in view of growing friction with China along disputed borders.
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