India vs China: Beijing raises defence budget- 3X higher than New Delhi
- China's defense budget has more than doubled since 2015. Meanwhile, India's Defence Budget has touched $75 billion (approx)
In the current geopolitical scenario, military spendings have become one of the crucial factors for governments to protect themselves from their enemies. China on Tuesday announced its defence budget, raising the allocation to 1.6 trillion yuan ($222 billion). China has increased its defence budget due to its ongoing tension with Taiwan and the US especially. However, China and India's relations are also embedded with plenty of friction. Henceforth, India has continued to jack up its military budget every year. In the Interim budget speech 2024, the Modi government announced allocation of ₹6.21 lakh crore (approx $75 billion).
India vs China: Here's a tale of defence budget
China's defense budget draft for 2024 is worth 1.66554 trillion yuan ($231.36 billion), an increase of 7.2% from the previous year. The official budget figure is considered only a fraction of spending by the People’s Liberation Army (PLA), once spending on research and development and foreign weapons purchases are considered.
Notably, China's defense budget has more than doubled since 2015, even as the country's economic growth rate has slowed considerably.
A Chinese military expert told Global Times that many countries have hiked their military expenditures in recent years as the US and Japan.
According to a Reuters report, US President Joe Biden in December 2023 reportedly authorized a record $886 billion annual military spending for fiscal 2024, nearly four times China's figure. On the other hand, Japan approved a 16% rise in military spending and has eased its postwar ban on lethal weapons exports.
Meanwhile, India's Defence Budget has touched ₹6,21,540.85 crore in the Financial Year 2024-25. The budgetary allocation to Defence for FY 24-25 is higher by approximately one lakh crore (18.35%) more than the allocation for FY 2022-23 and 4.72% more than the allocation for FY 23-24.
In light of the continued threat perception faced at the Indo-China border, the Modi government has allocated ₹6,500 crore to the Border Roads Organisation- 30% higher than the allocation for FY 23-24. India allocated ₹7.651.80 crore for the Indian Coast Guard (ICG)--6.31% higher than the allocation of FY 2023-24.
On the increase of capital expenditure outlay, the Defense Minister described it as a massive push, which will provide a big boost to making India a five trillion dollar economy by 2027.
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First Published:6 Mar 2024, 10:14 AM IST
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