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Key amendments proposed in Finance Bill 2023 in respect of defence sector
On Wednesday, 1 February 2023, the Hon'ble Finance Minister, Nirmala Sitharaman, presented Union Budget 2023 in the Lok Sabha.
We bring you the key amendments proposed in Finance Bill 2023 in respect of defence sector.
The Union Budget was presented by the Finance Minister (FM) on 01 February 2023. With ~6.7% in capital outlay for defence expenditure, the government has continued its effort towards defence modernization.
Increase of ~15.9% in revenue expenditure over 2022-23 (BE) indicates large portion of expenditure earmarked towards stores & spares, repairs and other services.
The Government has indicated a clear focus on infrastructure development in strategic and critical areas of the country with allocation of INR 5,000 crores for ‘Works under Border Roads Development Board’.
Announcement of the ‘Agnipath Scheme’ has been followed up with an outlay of ~INR 4,266 crores in this budget and set-up of ‘Agniveer Corpus Fund’.
Continued emphasis on innovations and technology development is evident with increased allocations of grant for creation of capital assets and grant-in-aid for schemes such as iDEX.