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The defence budget of India was increased to ₹ 621,940 crore (US$75 billion) in the 2024-2025 union budget from ₹ 593,538 crore (US$71 billion) during last year. This year’s defence budget accounts for 1.89% of the country’s projected gross domestic product (GDP) for 2024-25. [15]
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. [3] The first budget of India was presented on 18 February 1860 by Scotsman James Wilson. [4]
The second list is based on the 2024 edition of The Military Balance, published by the International Institute for Strategic Studies (IISS) using average market exchange rates. [2] The third list is a user-generated list of the highest military budgets of the current year, compiled from various sources.
A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money.
The 2024 Interim-Union Budget of India [1] provides comprehensive information regarding the projected revenue and government spending for the fiscal year 2024–25, commencing on 1 April 2024 and concluding on 31st March 2025. [2] [3] [4]
₹ 314,024 crore (US$38 billion) 2023-24 [15] Maharashtra ₹ 612,293 crore (US$73 billion) 2024-25 [16] Manipur ₹ 35,022 crore (US$4.2 billion) 2023-24 [17] Meghalaya ₹ 22,022 crore (US$2.6 billion) 2023-24 Mizoram ₹ 14,209 crore (US$1.7 billion) 2023-24 [18] Nagaland ₹ 23,086 crore (US$2.8 billion) 2022–23 Odisha ₹ 230,000 crore ...
The Union Budget of India, also referred to as the Annual Financial Statement in Article 112 of the Constitution of India.It is the annual budget of the Republic of India set by Ministry of Finance for the following financial year, with the revenues to be gathered by Department of Revenue to identify planned government spending and expected government revenue and the expenditures gathered by ...
2–3 July – 2024 India-Bangladesh floods: At least sixteen people are killed by floods and landslides in Assam and Arunachal Pradesh, while over 300,000 more are displaced. [101] [102] 5 July – A victory parade is held in Mumbai by the Indian cricket team following their victory in the 2024 ICC Men's T20 World Cup. [103] [104]