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New Delhi, The <keyword id="43909" type="General" weightage="20" keywordseo="defence-Ministry" source="Orion">Defence Ministry</keyword> on Friday cleared procurement of various weapons systems and platforms including Dhruvastra short range air-to-surface missile and 12 <keyword id="18793242" type="General" weightage="20" keywordseo="Su-30-MKI-fighter" source="Orion">Su-30 MKI fighter</keyword> jets at a cost of around Rs 45,000 crore. A total of nine procurement proposals were approved by the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh, officials said. "All these procurements will be made from Indian vendors under Buy (Indian-Indigenously Designed Developed and Manufactured (IDMM)/Buy (Indian) category which will give substantial boost to the Indian defence Industry towards achieving the goal of 'Aatmanirbhar Bharat'," the defence ministry said. To enhance protection, mobility, attack capability and increase survivability of mechanised forces, the DAC accorded the approval for procurement of Light Armoured Multipurpose Vehicles (LAMV) and Integrated Surveillance and Targeting System (ISAT-S), the ministry said in a statement. The DAC cleared also cleared the procurement of High Mobility Vehicle (HMV) Gun Towing Vehicles for swift mobilisation and deployment of artillery guns and radars. The DAC further approved procurement of next generation survey vessels for the Indian Navy, the ministry said. It said a proposal of the Indian Air Force to ensure avionic upgrade of Dornier aircraft to improve the accuracy and reliability for operations was also given Acceptance of Necessity (AoN). The AoN is the initial approval. "The procurement of Dhruvastra Short Range Air-to-Surface Missile as a potent Indigenous Precision Guided Weapon for indigenously built ALH Mk-IV Helicopters has been cleared by the DAC," the ministry said. "The AoN for procurement of 12 Su-30 MKI Aircraft with associated equipment from Hindustan Aeronautics Limited (HAL) was also accorded," it said.

Air-to-surface Missile and 12 Su-30 MKI fighter jets at a cost of around Rs 45,000 crore approved by DAC

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

One aspect that always garners much traction on the <keyword id="19936553" type="General" weightage="100" keywordseo="Budget" source="keywords">Budget</keyword> day is what got <keyword id="20257498" type="General" weightage="20" keywordseo="cheaper" source="keywords">cheaper</keyword> and what got <keyword id="20286063" type="General" weightage="20" keywordseo="costlier" source="keywords">costlier</keyword>. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> as part of her Budget presentation proposed a host of tweaks in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> (BCD) for various products or items that are critical for manufacturing. In her Budget speech, Sitharaman proposed an exemption on customs duty on certain <keyword id="22516435" type="General" weightage="20" keywordseo="cancer-medicines" source="keywords">cancer medicines</keyword> and a reduction in duties on <keyword id="19920958" type="General" weightage="20" keywordseo="mobile-phone" source="keywords">mobile phone</keyword> parts and chargers, aimed at bringing down their prices in the retail market. "With a three-fold increase in domestic production and almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. In the interest of consumers, I now propose to reduce the BCD on mobile phone, mobile PCBA and mobile charger to 15 per cent," said Sitharaman in her Budget speech that lasted around 90 minutes. To provide relief to cancer patients, she proposed to fully exempt three more medicines from customs duties. Imported <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword>, silver, leather goods and seafood will also get cheaper, as duties were invariably lowered on them. Duty cut on gold would boost retail demand and help in curtailing smuggling in the world's second-biggest bullion market. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent." She also proposed changes in the customs duty on X-ray tubes and flat panel detectors for use in medical X-ray machines under the <keyword id="20330318" type="General" weightage="20" keywordseo="phased-manufacturing-programme" source="keywords">Phased Manufacturing Programme</keyword>, so as to synchronise them with domestic capacity addition. Also, she proposed to fully exempt customs duties on 25 critical minerals and reduce basic customs duty on two of them. Minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics, said the finance minister. "This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors," Sitharaman said. Putting energy transition on focus, as it is critical in the fight against climate change, the finance minister proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, it was proposed not to extend the exemption of customs duties provided to them. To enhance competitiveness in marine products, the reduced duty on certain broodstock, polychaete worms, shrimp and fish feed to 5 per cent, besides exempting customs duty on various inputs for manufacture of shrimp and fish feed. Moving on to leather and textile, reduction in duty was announced for various items. "...to enhance the competitiveness of exports in the leather and textile sectors, I propose to reduce BCD on real down filling material from duck or goose," Sitharaman said. To reduce cost of production of steel and copper, two important raw materials, it was proposed to remove the customs duty on ferro nickel and blister copper. "I am also continuing with nil BCD (customs duty) on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap." On the flip side, to support chemicals and petrochemicals, an increase in duty was proposed. To support existing and new capacities in the pipeline, an increase in duty on ammonium nitrate from 7.5 to 10 per cent would be applicable. PVC flex banners are non-biodegradable and hazardous for environment and health. To curb their imports, a propose was made to raise the duty on them from 10 to 25 per cent. To incentivise domestic telecommunication equipment manufacturing, a propose to increase the duty from 10 to 15 per cent on PCBA (printed circuit board assembly) of specified telecom equipment was made. Explaining her rational behind the indirect taxes tweak, Sitharaman said her proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while keeping the interest of the general public and consumers surmount. In Budget 2022-23 too, the government reduced the number of customs duty rates.

Here's what will get cheaper and costlier after this Budget

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> appreciated 4 <keyword id="20045456" type="General" weightage="20" keywordseo="paise" source="keywords">paise</keyword> to 83.62 against the US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> in early trade on Tuesday, ahead of the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">Budget</keyword> presentation. <keyword id="19950258" type="General" weightage="20" keywordseo="forex" source="keywords">Forex</keyword> traders said the local currency gained strength as crude oil prices and the American currency retreated from their elevated levels. Moreover, foreign fund inflows also supported the rupee. At the interbank foreign exchange market, the local unit opened at 83.64, and touched an early high of 83.62, registering a gain of 4 paise from its previous close. On Monday, the rupee consolidated in a narrow range to settle 4 paise higher at 83.66 against the American currency. Forex traders said marketmen will closely watch the Union Budget for further cues on fiscal deficit, capital expenditure, tax revenue and GST among others. Finance Minister Nirmala Sitharaman will present her 7th straight Budget that would lay a roadmap for Viksit Bharat (developed India) by 2047, while giving a glimpse of 10 years' performance. The Indian rupee has been down as dollar buying from the Reserve Bank of India (RBI), the government of India, defence, oil companies and foreign investors has kept dollar well bid. "All in-flows seem to be getting absorbed by the RBI. Expect rupee to be range-bound on Tuesday," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was at 104.20, lower by 0.10 per cent. Brent crude futures, the global oil benchmark, rose 0.05 per cent to USD 82.44 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 11.54 points, or 0.01 per cent higher at 80,513.62 points. The broader NSE Nifty was down 7 points, or 0.03 per cent, to 24,502.25 points. Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Monday as they purchased shares worth Rs 3,444.06 crore, according to exchange data. On the macroeconomic front, the government's pre-budget Economic Survey on Monday set a conservative growth forecast of 6.5 to 7 per cent for the current fiscal. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a><a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Rupee rises 4 paise to 83.62 against US dollar in early trade

Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Wednesday assured the new generation entrepreneurs in the defence equipment world that the 'Made in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>' products will get priority in defence procurement. Sixty-eight per cent of the defence budget has been earmarked for indigenous products, he added. While inaugurating the defExpo-2022 here, the Prime Minister also launched the Indian Military Airworthiness Procedures (IMAP), HTT-40, Indian Defence Mart and defence <keyword id="15298793" type="General" weightage="80" keywordseo="space-msn" source="Orion">Space Msn</keyword> besides virtually laying the foundation stone for the DEESA Airfield. He said the country was once a net importer of defence equipment, but over the last eight years, defence manufactured in India is in demand across the world, and the exports have grown eight times. It has touched USD 1.59 billion, and the country targets to achieve the USD 5 billion mark in the next five years. Citing the success of the Brahmos missile, Prime Minister <keyword id="6354642" type="General" weightage="80" keywordseo="modi" source="Orion">Modi</keyword> said it is placed in one of the best technology missile categories and many countries have evinced interest in buying it. All three defence wings and indigenous companies' innovations are putting the nation on global armament nation. INS Vikrant aircraft carrier, Lightweight Helicopter 'Prachand' and tanks and indigenous combat guns are the pride of India, he said. "In the coming years, Space Diplomacy is going to take India to a new height as our satellites will be sharing real-time access with 60 developing countries. <keyword id="62000" type="General" weightage="80" keywordseo="maritime-security" source="Orion">Maritime Security</keyword> is a global priority and India has taken initiative in maritime security in the Indian Ocean region, in which 46 friendly countries are working on it," he said. Some 450 Memoranda of Understandings and agreements are going to be signed during these four days of DefExpo-2022. The Prime Minister, without naming the Congress, said, "Earlier pigeons were released, now Cheetah is now released, this is the difference of the government." He added in the past years, "our majority budget was going into importing defence equipment, now the time has changed. All three defence wings have made a list of 411 equipment which will be purchased from domestic manufacturers, only select items will now be imported," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-to-benefit-as-canada-aims-to-grant-citizenship-to-300000-people-in-2022-23/articleshow/94956352.cms">Indians to benefit as Canada aims to grant citizenship to 300,000 people in 2022-23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/over-50-lakh-vehicles-deregistered-in-delhi-till-oct-17-this-year/articleshow/94956121.cms">Over 50 lakh vehicles deregistered in Delhi till Oct 17 this year</a>

68% of defence budget allocated for procuring indigenous equipment: PM

SIMPLY PUT: 10 days before budget, here is what experts have to say

The market knows everything. Even what the Finance Minister is thinking. Apparently. Writing the budget is a top secret, super-clandestine affair. Even before the pandemic, reporters were not allowed to enter the building for weeks before the budget. <div type="image" title="My Precious!" msid="89003888" hostid="261"></div> But the budget is also based on the current realities of the economy, the needs of the country and the resources available with the government. And, most of it can be reasonably estimated. And, the market is full of such forecasters and traders who position themselves based on these estimates. And, here’s what the tickers are telling us. <div type="image" title="BSE Sectoral Index Change" msid="89003928" hostid="261"></div> The market seems to be expecting the Finance Minister’s speech on February 1 to tell us more of what we heard last year. More spending on infrastructure, more thrust on local manufacturing, big money to buy and produce <keyword id="32723" type="General" weightage="20" keywordseo="defence" source="Orion">defence</keyword> equipment and technologies, as well as some push for <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword>. <div type="image" title="2022 Budget Expectations" msid="89003957" hostid="261"></div> So, more of the same stuff. How do we know that? Look at some of the stocks in demand in Jan 2022 so far. <div type="image" title="Stock Performance" msid="89003965" hostid="261"></div> Not just that, Stocktwits, a social media platform for market buffs, did a survey, which showed similar expectations. <div type="image" title="Budget 2022 Poll" msid="89004001" hostid="261"></div> Hope floats that a lot of money will be spent to encourage construction of <a href="https://www.businessinsider.in/budget/news/india-is-expected-to-make-big-budget-allocation-for-renewable-energy/articleshow/89000378.cms">new renewable energy capacity</a> because the Indian Prime Minister has made some big promises at the international climate summit in Glasgow, about two months ago. Now, the question is did the government deliver on the promises of the last budget? As of November, we don’t have official data thereafter, the government had spent <a href="https://www.businessinsider.in/budget/news/the-indian-government-has-spent-less-than-half-the-money-it-had-budgeted-for-capital-investments-so-far/articleshow/88852518.cms">less than half the amount budgeted for capital investments</a> including infrastructure, and even the entire amount set aside for <a href="https://www.businessinsider.in/budget/news/union-defence-budget-2022-submarines-drones-warships-and-aircraft-carriers/articleshow/88989045.cms">defence purchases</a> may not have been spent. Not just in spending money, the government is likely to miss its target on making money via divestment (sale of government assets including shares in companies). For a third year in a row. Even <a href="https://www.businessinsider.in/budget/news/even-after-the-lic-ipo-indian-government-may-be-well-short-of-its-divestment-target/articleshow/88938799.cms">if the LIC IPO goes through</a>, the Finance Ministry is unlikely to raise the ₹1.75 lakh crore it wanted through sale of assets. <div type="image" title="Govt has been able to meet and even exceed its divestment target only twice in 10 years" msid="89004010" hostid="261"></div> But then, governments not meeting targets isn’t really surprising. Is it? For more in-depth stories on what else is expected from the budget, visit our dedicated section <a href="https://www.businessinsider.in/budget">Budget Insider</a>. There are articles, interviews with experts, and every detail that matters, minus the jargon. On the budget day, right after the Finance Minister’s speech, we will be live on all our social media handles with a bunch of experts with the most relevant announcements, the simplest explanations and the most incisive insights. So do tune in for our live broadcast from any of your devices on Feb 1, right after the FM’s speech in Parliament. For now, these are some interesting expert opinions on what could play out in the budget and thereafter. <div type="image" title="Budget 2022 Expectations" msid="89004149" hostid="261"></div>

SIMPLY PUT: 10 days before budget, these stock tickers have some clues on what the budget doc may have

By Mari Yamaguchi Tokyo, Nov 26 (AP) Japan's Cabinet on Friday approved a 770 billion yen ($6.8 billion) request for an extra defence budget through March to expedite the purchase of missiles, anti-submarine rockets and other weapons amid rising concern over the escalation of military activities by China, Russia and North Korea. The request, still pending parliamentary approval, brings Japan's military spending for the current year to a new high of more than 6.1 trillion yen ($53.2 billion), up 15% from 5.31 trillion yen in 2020. The Defence Ministry says its "defence power reinforcement and acceleration package" is designed to speed up deployment of some of the key equipment from the 2022 budget request. The goal is to beef up Japan's defences against North Korea's missile threat and China's increasingly assertive maritime activity around remote Japanese southwestern islands, officials said. Japan has also raised concerns over recent joint military activities by China and Russia near its waters and airspace. A fleet of two Chinese H-6 fighters and two Russian Tu-95s flew from the Sea of Japan to the East China Sea and to the Pacific Ocean, triggering Japanese Self-Defence Force jets to scramble, Defence Minister Nobuo Kishi said Tuesday. The budget request includes nearly 100 billion yen ($870 million) for the advanced version of PAC-3 mobile surface-to-air missile interceptors and related equipment, as well as cruise missiles. Separately, more than 800 billion yen ($7 billion) will go to speed up the purchase of reconnaissance planes and equipment, including three P-1s, equipment for P-3Cs and vertical launch systems to be placed on two destroyers, to step up surveillance around Japan's territorial waters and airspace. Japan has been stepping up defences in its southwestern regions and islands, including Ishigaki Island, where a new military base with a land-to-sea missile defence system will be operational. Ishigaki is north of the uninhabited Japanese-controlled Senkaku Islands, which are also claimed by China, which calls them Diaoyu. Tokyo regularly protests the Chinese coast guard's presence near Senkaku Islands. The ministry also plans to build housing for ground troops on Ishigaki Island. The combined budget for 2021 will be just over 1% of Japan's GDP, keeping its customary cap. Prime Minister Fumio Kishida has said he is open to doubling Japan's military spending to cope with the worsening security environment. The defence budget also aims to ease burden on Japanese defence equipment and parts suppliers that are struggling to maintain the country's dwindling industry, officials said. The defence budget is part of a nearly 36 trillion yen ($316 billion) draft extra budget approved by the Cabinet Friday to fund an economic stimulus package focusing on COVID-19 preparedness and support for the pandemic-hit households and businesses. Some opposition lawmakers criticised Kishida's government for using the stimulus package to cover military spending. Critics also say Japan, as the world's fastest-aging country with a shrinking population, should allocate more money toward health care and other services. Japan's military spending and capabilities have grown continuously since former Prime Minister Shinzo Abe took office in December 2012, and has since risen by 17%. Abe's government allowed Japan's military to be more involved in international affairs by adopting a new interpretation in 2015 of the war-renouncing Article 9 of the constitution. (AP) RS RS

You Searched For "defence budget" and got 9 results

Air-to-surface Missile and 12 Su-30 MKI fighter jets at a cost of around Rs 45,000 crore approved by DAC

PTI

Fund allocations to key sectors and schemes hiked in budget

ANI

Here's what will get cheaper and costlier after this Budget

ANI

FM cuts customs duty on minerals critical for energy transition

PTI

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