IN THE 75TH YEAR OF INDIA'S INDEPENDENCE, THE INDIAN Economy has been recognised as a 'bright star' with the economic growth estimated at seven per cent, the highest among all major economies, in spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine War. This was stated by Finance Minister Sitharaman while presenting the Union Budget 2023-24 in Parliament on February 1, 2023. She emphasised that Indian economy is on the right track, and despite challenging times, heading towards a bright future. The highlights of the Budget are as follows:
DEFENCE BUDGET 2023-2024
According to the Budget papers for 2023-2024, the total size of the Defence Budget 2023-2024 is ₹5,93,537.64 crore- or ₹5.94 lakh crores for ease of reference. In 2022-2023, the defence budget allocation was ₹5.25 lakh crore which figuratively speaking implies an increase of about 12.5 per cent over last year.
A total of ₹1.62 lakh crore has been set aside for Capital outlay that includes purchasing new military equipment like fighter jets, submarines, warships, missiles and other military hardware. In 2022-23, the budgetary allocation for Capital outlay was ₹1.52 lakh crore although the revised estimates for 2022-2023 show the actual expenditure as ₹1.50 lakh crores. The Capital outlay of ₹1.62 lakh crore this year indicates an increase of ₹10,000 crores or 6.7 per cent over last year.
According to 2023-24 Budget documents, an allocation of ₹2,70,120 crore has been made for Revenue Expenditure that includes expenses on payment of salaries and maintenance of establishments. The budgetary allocation of Revenue Expenditure in 2022-23 was ₹2,39,000 crore, which indicates an increase of ₹31,129 crore in this year's budget.
Bu hikaye SP’s Aviation dergisinin Issue 2, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye SP’s Aviation dergisinin Issue 2, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
IAI LAUNCHES AEROSPACE SERVICES INDIA
Israel Aerospace Industries IAI) reiterates its 3-decades’ long commitment with the launch of AeroSpace Services India ASI) in New Delhi
REDEFINING COMFORT IN BUSINESS JETS
Leading Bizjet manufacturers are transforming business travel with the use of cutting-edge technologies to deliver the ultimate travel experience Top of Form
AÉROSPATIALE/BAC CONCORDE: RACING THE SUN
Concorde was the only commercial plane that could race the sun. If it departed London at 10 am local time, it reached New York before 10 am local time.
POWERING THE FUTURE
CFM International showcases its RISE next-generation engine architecture that aims to revolutionise engine design, targeting lower noise levels and achieving 100 per cent SAF’ certification
ANOTHER SUCCESS WITH THE AUTONOMOUS LANDING EXPERIMENT
ISRO achieved a major milestone in the area of Reusable Launch Vehicle RLV) technology, through the RLV LEX-02 landing experiment, the second of the series
IAF PARTNERING EMBRAER DEFENSE
With their versatility, operational efficiency, and technological advancements, Embraer aircraft have become a trusted component of the AF’s aerial arsenal
"INDIA'S CHARTER SEGMENT IS UNDER-SERVED" - ARUN KASHYAP
An Unserved private charter segment propels MRO veteran Arun Kashyap to start off on his own new venture Sirius India Airlines by partnering with a UAE-based conglomerate Airavat Aviation.
"AI WILL IMPROVE OUR OPERATIONAL EFFICIENCY MANY TIMES MORE"
In an exclusive interview, Air Marshal Ashutosh Dixit, Deputy Chief of the Air Staff speaks with Manish Kumar Jha for SP’s Aviation, on the IAF’s capability roadmap and the thrust on the next-generation technology adoption
A CATALYST FOR ECONOMIC GROWTH
Business Aviation is crucial to the growth of an economy and by recognising the economic and social benefits of business aviation and implementing supportive policies, governments can create an environment that fosters growth and strengthens the overall economy
CHARTINGA SUSTAINABLE COURSE
India's aviation sector is experiencing rapid growth accompanied by an inevitable surge in carbon emissions. To counter this environmental challenge, collaborative initiatives between airlines and the MoCA need to taken shape for the integration and adoption of SAF.
