Union Finance Minister Nirmala Sitharaman on Saturday (February 1) delivered her Budget 2020 and announced that the Centre has decided to increase the defence budget by six per cent to Rs 3.37 lakh crore against Rs 3.19 lakh crore, which was allocated in 2019 Budget.
The defence pension budget has been increased up to Rs 1.33 lakh crore from Rs 1.17 lakh crore allocated in 2019. It is to be noted that the increase in the defence pension budget is more than that given in revenue and capital funds for defence.
The defence forces have been provided Rs 1,10,734 crore for the purpose of modernisation and purchasing new weapon systems. The new allocation is Rs 10, 340 crore more than what was allocated in 2019 budget.
Budget 2020 saw Finance Minister Sitharaman speaking for over two hours and 40 minutes with her speech copy running into 45 pages. She spoke about three themes of the Union Budget - aspirational India, economic development and caring society.
Rising to present her Budget 2020 speech, Sitharaman said that Prime Minister Narendra Modi received a massive mandate to form the government again in the 2019 Lok Sabha election and the government was committed to work for the welfare of all sections of society.
"With renewed vigour, under his leadership, we commit ourselves to serve the people of India, with all humility and dedication. People of India have unequivocally given their jan-aadesh for not just political stability and also reposed faith in our economic policies. This is the Budget to boost their incomes and enhance their purchasing power. Only through higher growth we can achieve that and have our youth gainfully and meaningfully employed. Let our businesses be innovative, healthy and solvent with use of technology," Sitharaman said in her speech.
