India’s Military Strength and Expectations for Defence Budget in 2024 Interim Budget

India’s military prowess has garnered international recognition, as it stands fourth in Global Firepower’s Military Strength Rankings for 2024, surpassing nations like the United Kingdom and Japan. With an estimated total of 5,137,550 military personnel, India has emerged as a major superpower in the realm of defence, demonstrating consistent growth and investments over the past decade.

As Finance Minister Nirmala Sitharaman prepares to present the interim budget on February 1, expectations are high for announcements in the defence sector. Despite 2024 being an election year, the focus of the budget will likely be on maintaining essential services, with major announcements deferred until after the new government assumes office.

In the 2023-24 financial year, India proposed $72.6 billion in defence spending, marking a 13% increase from previous estimates. The budget allocation aimed to bolster India’s defence capabilities by acquiring more fighter jets and enhancing infrastructure along the border with China. Presently, India boasts 2,210 aircraft, 4,614 tanks, and 295 naval assets, as per the report.

Looking ahead, the government is expected to prioritize digitization, modernization, and indigenization in the defence sector. Defence experts advocate for increasing the defence budget to around three per cent of GDP to fulfill contractual obligations, modernization needs, and strategic partnerships with domestic industries. A significant budget hike is anticipated to address salary hikes, pension funds, and research and development initiatives.

The interim budget serves as a temporary financial plan until a new government assumes office after general elections. Unlike the regular budget, the interim budget seeks parliamentary approval for government expenses for a few months through a vote-on-account.

In summary, India’s ascent in military strength underscores its commitment to national security and defence preparedness. The forthcoming interim budget is poised to address critical defence needs, laying the groundwork for continued progress and strategic development in the sector.