Defence Budget Raised 13% To 5.93 Lakh Crore

India's budget saw a 12.95 per cent hike for the 2023-24 financial year, with a total allocation of Rs 5.93 lakh crore, on Wednesday. The capital outlay has also increased by Rs 10,000 crore, reaching Rs 1.62 lakh crore.

Defence Minister Rajnath Singh said the budget underscored the government's commitment to supporting "growth and welfare-oriented policies" that will benefit all sections of society.

He stated that the budget proposals will lead the country towards its goal of becoming a $5 trillion economy and one of the top three economies globally within a few years.

"The Union Budget for 2023-24 presented by FM Smt. @nsitharaman  under the guidance of PM Shri @narendramodi is focused on growth and welfare, with a priority to provide support to farmers, women, marginalised sections and the middle class," he tweeted.

"By creating jobs through investments in infrastructure projects paired with increased spending on agriculture, housing, healthcare and manufacturing sectors will help create more opportunities for everyone and help in driving economic growth further ahead!," he said.

Mr Singh said the budget proposals will drive economic growth further.

"The increase in Income Tax exemption limit to Rs 7 lakhs and several other tax-related reforms will provide a huge relief to the middle class including salaried individuals and retired people. I congratulate the FM and thank Pradhanmantri ji for taking this people-friendly decision.

"The Union Budget 2023-24 is expected to bring about positive changes in the country that will lead us towards achieving our goal of becoming a USD 5 trillion economy and 'Top Three' economies within few years," he said in another tweet.