India’s Defense Budget 2023-24: An Overview and Comparison with Other Countries

0
1

In the rapidly changing global landscape, military spending continues to play a significant role in shaping national security and defense strategies. The defense budget of a country reflects its priorities and strategic interests. In this post, we will take a look at the Indian Defense Budget 2023-24 and compare it with the defense budgets of other countries.

  • The Indian Defense Budget for 2023-24 was recently announced and it allocated a total of Rs. 5.94 lakh crore (approx. $71.1 billion) for the financial year. This budget represents a significant increase from the previous year's allocation, which stood at Rs. 4.78 lakh crore (approx. $65 billion).

Key Highlights of the Defence Budget 2023-24

  • Operational Allocation of Armed Forces: An allocation of Rs 5.94 lakh crore is made for the operational allocation of the Armed Forces, a 13% increase over the previous year.
  • Defence Pensions: Rs 1.38 lakh crore is allocated for Defence pensions, which will provide financial security to retired Defence personnel.
  • Modernisation & Infrastructure Development: The capital outlay pertaining to modernisation and infrastructure development is increased to Rs 1.62 lakh crore, a 57% rise since 2019-20.
  • Border Roads Organisation (BRO): The Capital Budget of BRO is enhanced by 43% to Rs 5,000 crore, which will help in the construction of roads and bridges in border areas.
  • Defence Research and Development Organisation (DRDO): An allocation of Rs 23,264 crore is made for DRDO, a 9% increase over the previous year.
  • İDEX: The allocation for İDEX is increased by 93% to Rs 116 crore, which will further foster innovation in the Defence sector.

Comparison of India's Defence Budget with Other Major Defence Spending Countries

The defence budget of India has seen a significant increase in the recent years, with the allocation for the financial year 2023-24 reaching Rs 5.94 lakh crore, a 13% jump from the previous year. The allocation for defence pensions has also seen an increase, with Rs 1.38 lakh crore allocated for the same. The capital outlay for modernisation and infrastructure development has increased to Rs 1.62 lakh crore, with a 57% rise since 2019-20.

But how does India's defence budget stack up against other major defence spending countries such as China, the USA, Russia, Germany, and France? Let's have a look.

Top Military Spenders: Globally, the United States remains the largest military spender, followed by China, Russia, and India. These four countries account for nearly 60% of global military spending.

China

China is known for its massive defence spending, with its defence budget estimated to be around $261 billion in 2021. This is significantly higher compared to India's defence budget, which stands at around $70 billion. However, it is worth noting that China's economy is also much larger than India's, with its Gross Domestic Product (GDP) estimated to be around $14.14 trillion in 2021, compared to India's $2.9 trillion.

USA

The United States has the largest defence budget in the world, estimated to be around $732 billion in 2021. This is significantly higher compared to India's defence budget, and is largely due to the country's global military presence and its role as a superpower.

Russia

Russia is known for its robust military and defence capabilities, with its defence budget estimated to be around $61 billion in 2021. Although Russia's defence budget is lower compared to the USA and China, and now India's defence budget is higher compared to Russia's defence budget.

Germany

Germany, one of the largest economies in the European Union, has a defence budget of around $45 billion in 2021. This is significantly lower compared to India's defence budget, and is in line with Germany's policy of prioritizing diplomacy and peaceful solutions over military intervention.

France

France, another major European economy, has a defence budget of around $45 billion in 2021. This is similar to Germany's defence budget and is lower compared to India's defence budget. France is known for its strong military capabilities and its role as a nuclear power, and has a history of military interventions in various parts of the world.

In conclusion, India's defence budget is lower compared to major defence spending countries such as the USA and China, but stands higher compared to countries such as Germany and France. The allocation of defence pensions and capital outlay for modernisation and infrastructure development shows India's commitment towards strengthening its defence capabilities and ensuring the welfare of its armed forces personnel.

LEAVE A REPLY

Please enter your comment!
Please enter your name here