Defence Budget Of India Likely To Observe 9 Percent Hike This Fiscal
Observing the trend from last year’s allocation, INR 93,675 crore was allocated to the defence ministry, of which INR 77,406 crore was reserved for the acquisition of weapon systems for the three forces. In this period several projects were not processed on time by the three service headquarters owing to defrayals for previous procurements that were to be paid out only after reaching certain milestones. In some cases, these milestones were not met on time by the departments. It is speculated that 16% of the reserved amount from the previous fiscal year is likely to be surrendered by the defence ministry, officials told The Economic Times.
Further, the government is imparting various reforms this year to accelerate the acquisition process. It is confident to meet the fiscal deficit target in the current financial year.
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