New Delhi: Continuing its priority on Defence Modernisation the government of India has once again hiked its defence budget. For the first time in history, India’s Defence Budget has crossed Rs.3 trillion mark.
The Finance Minister Piyush Goel has allocated Rs. 3,05,296 crore to the sector in the Budget, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19.
While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways and Coal Sh. Piyush Goyal said “Our Defence Budget will be crossing Rs.3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided.”
On the issue of strengthening Defence and National Security, the Interim Budget 2019-20 states that our soldiers protect our borders in tough conditions and they are our pride and honour. The Finance Minister Sh. Goyal said that due care has been taken of their honour. He said that the issue of One Rank One Pension (OROP) which was pending for the last forty years has been resolved. He said “The previous Governments announced it in three budgets but sanctioned a mere Rs.500 crore in 2014-15 Interim Budget; in contrast we have already disbursed over Rs.35,000 crore after implementing the Scheme in its’ true spirit. The Government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties