Ministry of Defense allocated ₹5.94 lakh crore in 2023 budget

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The central government has increased the budget of the Ministry of Defense compared to the previous year $5.25 lakh crore to $5.94 lakh crore this year, Finance Minister Nirmala Sitharaman made the announcement while introducing the 2023 budget in Parliament on Wednesday.

In the budget, a total of $1.62 lakh crore has been set aside for capital expenditure which includes the purchase of new weapons, aircraft, warships and other military equipment.

For 2022-23, the budget allocation for capital expenditures was $1.52 lakh crore but the revised estimate showed spending on $1.50 lakh crore.

According to the 2023-24 budget documents, an allocation of $Rs 2,70,120 crore has been made for income expenditure which includes expenditure for payment of wages and maintenance of establishments.

The revenue expenditure budget allocation in 2022-23 was $2,39,000 crores.

In the 2023-24 budget, the capital outlay for the Ministry of Defense (Civil) was set at $8,774 crores while an amount of $Rs 13,837 crore has been set aside for capital outlays.

a separate amount of $Rs 1,38,205 crore has been allocated for defense pensions. Total revenue expenditure, including pension outlays, has been estimated at $4,22,162 crores.

The budget documents established that the total size of the defense budget is $5,93,537.64 crores.

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