Defence budget hiked to Rs. 3,05,296 crore

New Delhi:

Finance Minister Piyush Goyal on Friday announced that Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates.

The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-20 in Parliament today Piyush Goyal said “Our Defence Budget will be crossing Rs.3,00,000 crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided.”

On the issue of strengthening Defence and National Security, the Interim Budget 2019-20 states that our soldiers protect our borders in tough conditions and they are our pride and honour. The Finance Minister said that due care has been taken of their honour.
He said that the issue of One Rank One Pension (OROP) which was pending for the last forty years has been resolved.

He said “The previous Governments announced it in three budgets but sanctioned a mere Rs.500 crore in 2014-15 Interim Budget; in contrast we have already disbursed over Rs.35,000 crore after implementing the Scheme in its’ true spirit. The Government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties.”

Following this news, shares of companies in defence sector increased up to 5 per cent Friday.

Shares of Walchandnagar Industries jumped 4.71 per cent, Bharat Electronics gained 2.98 per cent, BEML 2.79 per cent and Bharat Dynamics 1.76 per cent on BSE.