The budget allocations by the Finance Minister indicate an upswing in government expenditure providing a boost to the economy. Economic development and national security go hand in hand. Addressing a seminar in Delhi in February 2018, General Bipin Rawat, the then army chief, stated, “Economic rise takes place if the country is secure.Economic development and military modernisation must go hand-in-hand.” India’s security threats have been rising sharply, demanding capability and capacity upgradation. Simultaneously, a nation can never be militarily secure by banking on imported equipment. Military expenditure is dictated by the defence budget. The defence budget for the coming fiscal year is pegged at Rs 5.25 lakh crore, an increase of 9.8 per cent over the previous year. It is 2.03 per cent of the GDP and 13.3 per cent of government expenditure. (Read More)
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