Defence Budget 2024: Govt reduces Indian armed forces budget to Rs 4.56 lakh cr from Rs 6.22 lakh crore in just 5 months

Finance Minister Nirmala Sitharaman's 7th Union Budget highlights a Rs 4.56 lakh crore allocation for defence in FY25, slightly lower than the Rs 6.22 lakh crore announced in the Interim Budget. Key focuses include employment and the middle class, with Rs 2 trillion allocated for job creation over five years. Capital expenditure for defence stands at Rs 1.72 trillion. India's defence production hit a record Rs 1.27 lakh crore in 2023-24, reflecting efforts to boost domestic manufacturing. Plans include increasing military hardware exports to Rs 50,000 crore by 2028-29.