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Budget 2016: Arun Jaitley hiked India's Defence budget today by as much as 9.76 per cent to Rs 2.58 lakh crore for the next fiscal as compared to the revised estimates of Rs 2.33 lakh crore for 2015-16 even as military pension zoomed to Rs 82,000 crore mainly due to the One Rank One Pension (OROP) scheme. (PTI)
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Defence-related stocks such as Reliance Defence, Walchandnagar, Larsen and Toubro, BEML and BEL gained upto 10 per cent in early trade on Tuesday (Reuters)
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Budget 2016: The defence budget accounts for nearly 17.2 per cent of the total central government expenditure for the year 2016-17 which is Rs 19.78 lakh crore. This includes the pension budget along with the defence budget. (Reuters)
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Budget 2016: The highest jump has been in the pension expenses. While the revised estimate for the current fiscal was Rs 60,238 crore, it has jumped to Rs 82,332.66 crore for the coming financial year. In comparison, there has been a marginal increase of Rs 4287.07 crore in the capital expenditure of the three services which are in the process of modernisining their equipment. (Reuters)
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Budget 2016: One reason for small hike could be that the Defence Ministry was unable to utilise the full capital budget for the current fiscal. The budget comes at a time when the three services are in the last stages of negotiations for multi-billion dollar deals for Rafale fighter jets, Apache, Chinook and Kamov helicopters and the M777 light weight howitzers. (Reuters)
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Budget 2016: India has once again emerged as the world's largest importer of arms, with Russia being the top supplier garnering 70 per cent of the Indian market. India's imports, accounting for 14 per cent of global arms imports, were three times greater than those of China and Pakistan in teh period 2011-15. (Reuters)
