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Finance Minister Nirmala Sitharaman has unveiled a staggering allocation of Rs 6.21 lakh crore for the Ministry of Defence during the Interim Budget presentation. This marks a 4.3% increase from the previous year, constituting 13.04% of the Union Budget. A key feature is the introduction of the DeepTech Initiative, focusing on cutting-edge technologies for defense. The budget breakdown includes allocations for capital expenditure, defense pensions, and defense services, with a strategic emphasis on digitization, modernization, and self-sufficiency in defense.

The finance minister said the government will launch a new scheme for investment in deep tech for the defence sector.

Get latest articles and stories on India at LatestLY. In the current geopolitical scenario and with the twin objective of promoting self-reliance and exports, the defence budget has touched Rs 6,21,540.85 crore in the financial year 2024-25. India News | Record over Rs 6.21 Lakh Crore Allocation to Ministry of Defence in Interim Union Budget 2024-25; 4.72% More Than FY 2023-24.

The Defence Budget has touched Rs 6,21,540.85 crore in the Financial Year 2024-25. This comes out to be 13.04 per cent of the total Interim Budget.

The MP said the scheme will provide impetus to institutions like the IISc, IIM-B, and IIIT to invest in research.