India allocated Rs 2.74 lakh crore towards defence expenditure for the next financial year.
Indian Finance Minister Arun Jaitley unveiled annual budget announced allocation of Rs 2.74 lakh crore towards defence expenditure for the next financial year.
The figure excludes money spent on pension payments. What it does, however, include is Rs 86,000 crore for defence capital. Jaitley pegged the total expenditure of budget 2017-18 at Rs 21.47 lakh crore.
Delivering his fourth budget address to parliament, Jaitley vowed to spend more on rural areas, infrastructure and poverty alleviation in what he called a budget for the poor.
Arun Jaitley defended the notes ban in the early part of his Budget speech on Wednesday, saying its impact is not expected to spill to the next financial year.
“Demonetisation is a bold measure against decades of tax evasion,” Mr Jaitley said, asserting that it would have an “epoch-making” impact on the lives of people.
The notes ban was suddenly announced by Prime Minister Narendra Modi on November 8. Notes of Rs. 500 and Rs. 1,000 were devalued, which took away 86 per cent of the cash in circulation and left millions queuing up at banks and ATMs for cash.
“Demonetisation seeks to create a GDP which is bigger, cleaner and real,” the finance minister said.
