New Delhi, 23 Jul: Several industry leaders on Tuesday welcomed the defence outlay of Rs 6.22 lakh crore in the Union Budget 2024-25, some calling it a “landmark allocation” while others saying that initiatives outlined in it will collectively signal a “robust blueprint” for India’s progressive, integrated and inclusive development.
Baba Kalyani, Chairman and MD, Bharat Forge Ltd, termed it an “excellent budget” that lays strong emphasis on strengthening the fundamental pillars which would propel the Indian economy towards a ‘Viksit Bharat’.
“While the budget allocation for defence industry is on expected lines, creation of the Critical Minerals Mission and articulation of India’s strategy on Small Modular Nuclear Reactors will go a long way in bolstering the ‘Aatmanirbhar Bharat’ agenda.
“We are all greatly inspired by the vision for a ‘Viksit Bharat’ by 2047 and I am confident that these initiatives collectively signal a robust blueprint for India’s progressive, integrated and inclusive development,” he was quoted as saying in a statement.
India on Tuesday set aside Rs 6.22 lakh crore as defence outlay for 2024-25 in a meagre increase of 4.79 per cent over the previous fiscal’s budgetary allocation amid the lingering border row with China in eastern Ladakh and concerns over frequent Chinese forays into the Indian Ocean region.
The total outlay is almost the same as in the interim budget in February and it is marginally less than the revised estimates of Rs 6.23 lakh crore for 2023-24.
Ashish Saraf, vice president and country director, Thales in India, applauded the government and Union Finance Minister Nirmala Sitharaman for the “landmark allocation” for defence in the Union Budget 2024-25, “reflecting a strong commitment to national security and technological advancement”.
The allocation of Rs 6,21,940.85 crore, representing 12.9 per cent of the total budget, is a “testament to the government’s focus on strengthening our defence capabilities,” he was quoted as saying in another statement.
The capital outlay of Rs 1,72,000 crore will enhance the capabilities of the Indian armed forces by adding new advanced technology equipment, he said.
“Furthermore, the earmarking of Rs 1,05,518.43 crore for domestic capital procurement is a major boost to the ‘Atmanirbhar Bharat’ initiative, promoting self-reliance in defence manufacturing and enhancing defence exports. We are also pleased to see the allocation of Rs 518 crore to the iDEX scheme, which will foster innovation and support startups, MSMEs, and innovators in the defence sector,” Saraf added.
These initiatives not only reinforce the ‘Make in India’ vision but also align with the broader goal of ‘Viksit Bharat 2047’, positioning India as a global leader in defence technology and innovation, he said.
“At Thales, we are committed to contributing to these transformative efforts, leveraging our global expertise to support India’s journey towards self-reliance and excellence in defence,” he said.
The budgetary outlay for defence in 2023-24 was Rs 5,93,537 crore while the revised estimates put the amount at Rs 6,23,889 crore. (PTI)