Union Budget 2018 Introduces Measures in Defence; Here Are 5 Highlights
As announced by Finance Minister Arun Jaitley during his Budget 2018 speech, the government's focus was on defence production and inviting investment in the sector.
HAL's Light Combat Helicopter has both day and night targeting capabilities (Photo: hal-india.com)
Finance Minister Arun Jaitely, while presenting his budget speech in Parliament, placed on record the government’s appreciation for the sacrifices made by the men and women of the armed forces in service of the nation, which drew applause from Members of Parliament across party lines. Jaitley did not, however, give any details of the defence budget. Last year, the total defence budget was Rs. 2.62 lakh crores and the capital expenditure was Rs. 86,529 crore. This year, the Finance Minister said the focus was on defence production and inviting investment in the sector. These are the key highlights:
*Finance Minister places on record the government’s appreciation of the service provided by the Armed Forces
*Our government’s focus has been on modernization of the armed forces, says FM Jaitley
*The government will set up two industrial defence industrial development corridors in 2018-19
*The government will bring out an industry-friendly defence production policy
*The FM did not give details of the budget allocations for the armed forces
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