Budget 2022: Defence Budget outlay for FY23 stands at Rs 525166.15 cr, up 10% over FY22 - here are top 10 things to know

The Narendra Modi Government has announced a budget allocation of Rs 525166.15 cr for FY23 for recapitalizing the public sector banks (PSBs), which is up XX per cent over the outlay announced during the Budget 2021

The announcement was made by Finance Minister Nirmala Sitharaman. This is her third full Budget of the Modi 2.0 government. Source: Reuters

The Narendra Modi Government has announced an allocation of Rs 525166.15 cr for FY23 as the defence budget for the financial year 2022-23, which is up almost 10 per cent over the outlay announced during the Budget 2021. The announcement was made by Finance Minister Nirmala Sitharaman. This is her third full Budget of the Modi 2.0 government.

Here are top 5 things to know about it:

1) Budget outlay of Rs 525166.15 cr for FY23 for the financial year 2022-23 versus Rs 478,196 cr in FY22.

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2) The allocation was up 10 per cent from the year ago period.

3) The theme was AtmaNirbharta in Defence under which the Government highlighted its committment to reducing imports and promoting AtmaNirbharta in equipment for the Armed Forces.

4) The FM proposed earmarking 68 per cent of the capital procurement budget for the domestic industry in 2022-23, up from 58 per cent in 2021-22.

5) Defence R&D will be opened up for industry, startups and academia with 25 per cent of defence R&D budget earmarked.

6) Private industry will be encouraged to take up design and development of military platforms and equipment in collaboration with DRDO and other organizations through SPV model.

7) An independent nodal umbrella body will be set up for meeting wide ranging testing and certification requirements.

8) Sunrise Opportunities - Artificial Intelligence, Geospatial Systems and Drones, Semiconductor and its eco-system, Space Economy, Genomics and Pharmaceuticals, Green Energy, and Clean Mobility Systems have immense potential to assist sustainable development at scale and modernize the country. They provide employment opportunities for youth, and make Indian industry more efficient and competitive.

9) Supportive policies, light-touch regulations, facilitative actions to build domestic capacities, and promotion of research & development will guide the government’s approach.

10) For R&D in these sunrise opportunities, in addition to efforts of collaboration among academia, industry and public institutions, government contribution will be provided.

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In FY 2021-22, the Ministry of Defence had allocated a sum of Rs 478,196 cr as the defense budget for the ongoing financial year. This included expenditure on salaries of armed forces and civilians, pensions, modernisation of armed forces, production establishments, maintenance, and research and development organisations.

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