India’s Maritime Reach — Navy Budget 2017-18
The total allocation for defence is ` 2,74,114 crore (about $42.17 billion) which is 6.2 per cent higher than last year s allocation of ` 2,58,000 crore and is 1.62 per cent of the GDP
The total allocation for defence is ` 2,74,114 crore (about $42.17 billion) which is 6.2 per cent higher than last year’s allocation of ` 2,58,000 crore and is 1.62 per cent of the GDP. Lt General Naresh Chand (Retd)
THE PREVIOUS DEFENCE MINISTERS always highlighted the defence allocation with the customary remark that more funds will be allotted if required. since last year, Arun Jaitley has avoided any special reference to defence forces. This year he started with, On this auspicious day of vasant Panchami, I rise to present the budget for 2017-18. spring is a season of optimism. I extend my warm greetings to everyone on this occasion. The speculations and the anticipation of OROP (One Rank, One Pension) and the seventh Pay Commission are issues of the past. The government also considers the defence manufacture as a key player to boost Make in India and have provided incentives to the private sector although nothing major has emerged so far. Maybe it will take time to evolve. Micro, small and Medium Enterprises has been given some tax relief which will provide them incentive to grow and thereby give a trigger to the defence industry as they produce many components for them. It is also mentioned in the annexure to his budget speech that “Services provided or agreed to be provided by the army, naval and air Force Group Insurance Funds by way of life insurance to members of the army, navy and air Force under the Group Insurance schemes of the Central Government is being exempted from service tax from September 10, 2004 (the date when the services of life insurance became taxable).
Defence Budget Allocations
The Ministry of defence (Mod) demands for Grants, 2017-18 has four tables from