1000 Crore Fund allocation for implementing One Rank One Pension
DEFENCE ALLOCATION RAISED TO RS 2,29,000 CRORE
CAPITAL OUTLAY FOR DEFENCE MODERNIZATION INCREASED BY RS 5,000 CRORE
New Delhi: July 10, 2014
Allocation for defence in this year’s General Budget has been raised to Rs 2,29,000 crore. Presenting the Union Budget in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley also proposed a further sum of Rs 1,000 crore to address the pension disparities while implementing the policy of “one rank one pension” for soldiers.
Emphasizing on the modernization of the armed forces to enable them to play their role effectively in the defence of country’s strategic interests, the Finance Minister also proposed to increase the capital outlay for defence modernization by Rs 5,000 crore over the amount provided for in the interim Budget. This includes a sum of Rs 1,000 crore for accelerating the development of the Railways system in the border areas. He said urgent steps would also be taken to stream line the procurement process to make it speedy and more efficient.
Source: PIB News