New Delhi: The Ministry of Defence (MoD) has been allocated over Rs 6.21 lakh crore in the Regular Union Budget for the Financial Year (FY) 2024-25.
“In the Regular Union Budget of Financial Year (FY) 2024-25, Ministry of Defence (MoD) has been allocated Rs 6,21,940.85 crore (approx. US $75 Billion), the highest among the Ministries,” as per a Ministry of Defence press release.
“While maintaining the allocation made to MoD during interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme,” as per a Ministry of Defence press release.
In a statement on X, defence minister Rajnath Singh thanked Nirmala Sitharaman for giving the “highest allocation”, which is 12.9 per cent of the total Budget for the financial year 2024-25.
“The capital outlay of ₹1,72,000 Crore will further strengthen the capabilities of Armed Forces. Earmarking of Rs, 1,05,518.43 Crore for domestic capital procurement will provide further impetus to Atmanirbhar Bharat. I am pleased that Border Roads have been given 30% increase in allocation over the last budget under the capital head. This allocation of ₹6,500 Crore to BRO will further accelerate our Border Infrastructure”.
“To boost the startup ecosystem in Defence Industries, ₹518 crore has been allocated to iDEX scheme to fund technological solutions given by startups, MSMEs and innovators,” Defense Minister posted.
“While maintaining the allocation made to MoD during interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme,” as per a Ministry of Defence press release.
Through this scheme, MoD is engaging with start-ups/MSMEs and innovators to develop Def-Tech solutions and supply the Indian military with innovative and indigenous technological solutions. A grant of upto 50 per cent of Product Development Budget with enhanced limit (Max) of Rs 25 crore per applicant will be awarded as per extant iDEX guidelines.
Quote by Suhas Tejaskanda, Founder and CEO Flying Wedge Defence and Aerospace “With 1.52 Lakh Crore allotted to agriculture and allied sectors, the farming industry is destined to proliferate in the coming days. This allocation will allow organisations to invest their time and infrastructure in better technological advancements and pave the way for a bright future. In addition, the special emphasis laid on Energy Security, Innovation, Research, and Development will further aid the overall growth of the agricultural sector. Moreover, the initiation of 1 Crore farmers into natural farming will make way for improved provisions and technological advancement. Lastly, the allocation of 12.9% of the total Budget of FY 2024-25 to the Defence sector will not just boost the startup ecosystem but will also light the path for advanced technological experiments.” said Suhas Tejaskanda, CEO of Flying Wedge Defence and Aerospace.