Introduction

The Union Budget 2026–27,^[1] the first budget post-Operation Sindoor,^[a] allocates INR 7.85 trillion (~US$86 billion^[b]) to the Ministry of Defence (MoD), the largest of all allocations to the central government ministries. The MoD’s allocation amounts to a 15-percent increase over the previous year. This brief surveys the strategic context in which the Union Budget was presented. It also examines the defence allocation, the various budget components, its growth drivers, the revenue-capital ratio, the share of services, and the impact on defence self-reliance and modernisation plans. Notably, it assesses the defence budget in light of projections by the 16th Finance Commission,^[c] whose report was submitted to Parliament on budget day.

The 2026-27 Union Budget was presented in the backdrop of India’s strong macroeconomic performance, albeit under a cloud of looming uncertainty. According to the Economic Survey 2025-26, the Indian economy is estimated to grow at 7.4 percent in 2026-27 and will likely maintain this momentum, with gross domestic product (GDP) estimated to be between 6.8 percent and 7.2 percent in 2026-27.^[2] The strong economic performance, propelled by recent structural reforms, is accompanied by lower inflation, healthy financial sector balance sheets, rising foreign exchange reserves, and a declining fiscal deficit. However, the challenging global environment has taken a toll on the Indian economy. Three concerns weighed heavily on the budget: trade negotiations with the United States (US), supply chain vulnerabilities, and a volatile security environment.

After the US raised the tariffs on Indian goods to 50 percent in August 2025, India experienced a massive capital flight that caused the rupee to depreciate^[d] and reduced the dollar value of the economy. However, on 2 February, the day after India’s budget presentation, US President Donald Trump announced that tariffs on Indian goods would be reduced to 18 percent.^[3] Subsequently, on 20 February, the US Supreme Court ruled that the bulk of the Trump tariffs were illegal, plunging what had appeared to be an imminent India-US trade agreement into uncertainty.^[4]

At the same time, China’s restrictions on the supply of rare-earths, fertilisers, and even tunnel boring machines^[5] were a threat to India’s high-tech manufacturing, agriculture, and infrastructure development. Additionally, China’s support to Pakistan during Operation Sindoor^[6] heightened fears of a two-front war, requiring a rethinking of India’s defence posture to counter the threats from its two nuclear rivals.

The budget adopted a three-pronged approach to address these economic and security vulnerabilities: sustaining India’s economic growth, promoting self-reliance in critical sectors, and enhancing military preparedness through higher allocations to the defence establishment.

To boost economic growth, the finance minister has resorted to government-led investment with an 11-percent hike in capital expenditure over the previous year; at an allocation of INR 17.1 trillion (~US$188 billion), the effective capital expenditure in 2026-27 amounts to a record 4.4 percent of GDP. To boost Indian manufacturing and reduce supply-chain vulnerabilities, Sitharaman announced a range of initiatives, including ‘India Semiconductor Mission 2.0’, dedicated rare-earth corridors and chemical parks, an electronics components manufacturing scheme, and ‘Biopharma SHAKTI’. Additionally, to incentivise domestic manufacturing, the budget has reduced customs duty on specified inputs, parts, components, and capital goods used in sectors such as aircraft manufacturing, nuclear power, lithium-ion battery, and critical minerals.

Simultaneously, to address security concerns, the MoD’s budget has been augmented by 15.2 percent, the highest annual increase for the ministry in recent years (see Figure 1). In absolute terms, the increase amounts to INR 1.03 trillion (~US$11 billion), the first-ever trillion-plus-rupee hike in the MoD’s history. 

Figure 1: MoD Budget (2017-18 to 2026-27, in INR billion)

Note: The MoD budget figures are budget estimates.

Source: Ministry of Finance, Union Budget (various years)

This substantial increase in defence spending comes at a time when certain key economic indicators, which influence the government’s overall budget-making process, are relatively weak, suggesting that security concerns have outweighed economic constraints. Suffice to note that the estimated nominal GDP, tax collections, and government spending are projected to grow at moderate rates, whereas the fiscal deficit remains above the level mandated by the Fiscal Responsibility and Budget Management Act.^[e]

MoD Budget: Overview

The double-digit growth in the defence budget amid moderate growth in both nominal GDP and central government expenditure (CGE) has enhanced the MoD’s share to 2 percent of GDP and 14.67 percent of CGE. This is up from the previous budget’s estimates of 1.91 percent of GDP and 13.45 percent of CGE (see Annexe for key defence statistics).

This increase in the defence budget comes after the previous allocation was enhanced by 8 percent, from INR 6.81 trillion (~US$ 75 billion) to INR 7.33 trillion (US$80 billion). The revision was for both the revenue and capital expenditure accounts—a rarity in the MoD’s budget history.

Of the three broad components of the MoD’s budget, the defence services—comprising the army, navy, air force, the Defence Research and Development Organisation (DRDO), and the erstwhile Ordnance Factories (OFs)—now comprise 75 percent of the ministry’s total budget, being allocated the highest increase of 19 percent (to INR 5.85 trillion or ~US$64 billion) (see Table 1). The next largest component of the budget is defence pensions, the allocation for which has increased by 6.6 percent (to INR 1.71 trillion or ~US$19 billion), to account for 22 percent of the MoD’s total. The MoD (Civil), which caters to vital organisations such as the Border Roads Organisation and the Indian Coast Guard, has seen a marginal dip in its budget. 

Table 1: MoD Budget Components

	MoD (Civil)	Defence Pensions	Defence Services	MoD Total
2024–25 (actual, INR billion)	276.16 (4.3)	1576.54 (24.8)	4507.33 (70.9)	6360.03 (100)
2025–26 (budget estimates, INR billion)	286.83 (4.2)	1607.95 (23.6)	4917.32 (72.2)	6812.10 (100)
2025–26 (revised estimates, INR billion)	271.01 (3.7)	1691.87 (23.1)	5362.24 (73.2)	7325.12 (100)
2026–27 (budget estimates, INR billion)	285.55 (3.6)	1713.38 (21.8)	5847.85 (74.5)	7846.78 (100)
% Increase in 2026–27 (budget estimates) over 2025–26 (revised estimates)	5.4	1.3	9.1	7.1
% Increase in 2026–27 (budget estimates) over 2025–26 (revised estimates)	-0.4	6.6	18.9	15.2

Note: Figures in parentheses represent percentage share in the MoD’s total

Source: Author’s own, based on data from Union Budget 2026–27  

Of the MoD’s 2026-27 budget, INR 5.54 trillion (~US$61 billion), or 71 percent, is earmarked for revenue expenditure, and the remaining INR 2.31 trillion (~US$25 billion) for capital expenditure (see Table 2).

Table 2: MoD Revenue and Capital Expenditure (2026-27)

	Revenue Expenditure (INR billion)	Capital Expenditure (INR billion)	Total (INR billion)
MoD (Civil)	168.51	117.03	285.55
Defence Pension	1,713.38	0.00	1,713.38
Defence Services	3,654.79	2,193.06	5,847.85
Total	5,536.69	2,310.10	7,846.78
% of Total	71	29	100

Source: Author’s own, based on data from Union Budget 2026–27

Ninety-five percent of the MoD’s capital expenditure is accounted for by the defence services, with the remaining 5 percent earmarked for capital outlays of the organisations under the MoD (Civil). With an allocation of INR 2.19 trillion (~US$24 billion), the defence services’ capital expenditure has increased by 22 percent, or INR 393.06 billion (~US$4.3 billion), from the previous allocation of INR 1.8 trillion (~US$20 billion). In comparison, the defence services’ revenue expenditure has increased by 17 percent, or INR 537.47 billion (~US$5.9 billion), from INR 3.12 trillion (~US$34 billion). The faster growth in capital expenditure has increased its share in the defence services’ total budget to 38 percent, which is lower than the 40 percent achieved in the 2022-23 budget.

Growth Drivers 

The MoD’s outlays for 2025-26 (the year when Operation Sindoor was conducted) and the following year, 2026-27, have seen increases over the initial 2025-26 allocation: while the former was revised upward by INR 513.01 billion (~US$5.6 billion), the latter increased by INR 1.03 trillion (~US$11 billion) (see Table 3 for growth drivers of allocations).

Table 3: Growth Drivers of MoD’s Budget, 2025-26 (revised estimates) and 2026-27 (budget estimates)

	Contribution to increase in MoD's 2025-26 Revised Budget (INR billion)	Contribution to increase in MoD's 2025-26 Revised Budget (%)	Contribution to increase in MoD's 2026-27 Budget (INR billion)	Contribution to increase in MoD's 2026-27 Budget (%)
MoD's Revenue Expenditure	462.72	90	648.46	63
MoD's Capital Expenditure	50.30	10	386.22	37
Defence Pension	83.92	16	105.43	10
MoD (Civil)	-15.82	-3	-1.28	0
Defence Services	444.92	87	930.53	90
Revenue Expenditure of Defence Services	380.38	74	537.47	52
Pay and Allowances of Defence Services	-22.74	-4	104.20	10
Stores and Equipment of Defence Services	14.19	3	12.48	1
Spectrum Charges	361.31	70	372.00	36
Capital Expenditure of Defence Services	64.54	13	393.06	38
Capital Acquisition	84.04	16	362.77	35

Note: Pay and allowances, stores, and spectrum charges are part of the defence services’ revenue expenditure. Capital Acquisition is part of the armed forces’ capital expenditure.

Source: Author’s own, compiled from Union Budget 2026-27; Defence Services Estimates 2026-27.

Much of the growth in the revised 2025-26 and 2026-27 budgets is driven by increases in revenue expenditure: 90 percent in the former and 63 percent in the latter. In the revised 2025-26 budget, the biggest contributor to the increase is a new budget head, ‘spectrum charges’, which has emerged as part of the revenue expenditure of the three defence services. The new budget head is created to cater for the “payment of current spectrum charges and previous dues of principal and late fee components payable to [the] Department of Telecommunications.”^[7] With an allocation of over INR 360 billion (~US$ 3.9 billion) each year, the new budget head alone accounts for 70 percent of the increase in the MoD’s 2025-26 revised allocation and 36 percent in the 2026-27 allocations. 

Without the new budget head, the 2025-26 revised allocations and 2026-27 budget would have grown by 2.2 percent and 9.7 percent, respectively. ‘Capital acquisition’ contributes 16 percent to the increases in the 2025-26 revised allocation and 35 percent in the 2026-27 budget. The ‘stores and equipment’ budget of the armed forces, which covers armament stores, has contributed marginally to the increases in both years’ budgets. Significantly, ‘pay and allowances’ (the salary component and the MoD’s single biggest budget head) has declined in the revised budget and contributed 10 percent to the new budget. ‘Pensions’ have contributed over 10 percent in both budgets. 

Defence Services 

Table 4 summarises the defence services’ allocations under various heads. ‘Pay and allowances’ is the biggest expenditure item, accounting for 57 percent of the defence services’ total revenue expenditure and 36 percent of their overall budget. Among the non-salary revenue components, ‘stores and equipment’ is the largest, followed by ‘spectrum charges’. Compared to allocations made in the 2025-26 budget, the salary component has increased by 10 percent and non-salary revenue expenditure by 12 percent in the 2026-27 budget.

Table 4: Defence Services Budget (2026-27)

	INR Billion	Share in Defence Services Revenue Expenditure (%)	Share in Defence Services Total (%)
Pay and Allowances	2,077.37	57	36
Stores and Equipment*	737.17	20	13
Transportation*	86.29	2	1
Miscellaneous*	193.23	5	3
Revenue Works, etc*	188.73	5	3
Spectrum Charges*	372.00	10	6
Total Revenue	3,654.79	100	62
Capital	2,193.06		38
Total Defence Services	5,847.85		100

*: Non-salary revenue expenditure

Source: Defence Services Estimates 2026-27 

Figure 2 provides a comparison of the share of the defence services in their 2026-27 budget. The army, with a 49-percent share, dominates the defence services budget, although its share has decreased over the years (from a high of 57 percent in 2018-19). The biggest beneficiary of the army’s reduced share is the navy, which now accounts for 20 percent (up from 15 percent in 2018-19). The navy’s increased share reflects heightened maritime threats, particularly given the Chinese Navy’s forays into the Indian Ocean. 

Figure 2: Share of Defence Services, 2026-27

Source: Author’s own, based on data from Defence Services Estimates 2026-27 and Standing Committee on Defence

Modernisation

With an allocation of INR 1.85 trillion (~US$20 billion), the defence capital procurement budget has increased by 24 percent. This increase follows a revision to the 2025-26 allocation, which was also a remarkable increase over the actual expenditure in 2024-25. Among the big modernisation heads of expenditure, ‘aircraft and aero engines’ has seen the highest increase of 31 percent, followed by ‘other equipment’ (30 percent). In comparison, the allocation for ‘naval fleet’, which caters to the acquisition of ships and submarines, has grown marginally by 3 percent (see Table 5). 

Table 5: Armed Forces Capital Procurement (Modernisation) Expenditure*

	2024-25 (INR Billion)	2025-26 (BE) (INR Billion)	2025-26 (RE) (INR Billion)	2026-27 (BE) (INR Billion)	Increase in 2025-26 (RE) (%)**	Increase in 2026-27 (BE) (%)***
Aircraft and Aero Engines	443.65	486.14	727.80	637.34	50	31
Heavy and Medium Vehicles	35.69	36.51	36.96	45.80	1	25
Other Equipment	522.05	630.99	507.60	822.18	-20	30
Rolling Stock	0.35	5.00	3.58	4.50	-28	-10
Rashtriya Rifles	2.17	1.50	2.22	2.55	48	70
Joint Staff	16.88	23.53	16.89	31.39	-28	33
Naval Fleet	255.67	243.91	213.94	250.24	-12	3
Naval Dockyard/Projects	56.19	45.00	45.00	43.34	0	-4
Technology Development	2.62	20.37	17.27	17.08	-15	-16
Total	1335.26	1492.95	1571.27	1854.41	5	24

*: Figures are approximations.

**: Increase in 2025-26 (revised estimates) over 2025-26 (budget estimates).

***: Increase in 2026-27 (budget estimates) over 2025-26 (budget estimates).

Source: Union Budget 2026-27

The MoD has described the hike in the modernisation budget as an imperative. In 2025-26 alone, the MoD has signed contracts worth INR 2.10 trillion (~US$23 billion) (till December 2025) and approved procurement proposals worth over INR 3.50 trillion (~US$38 billion) (till January 2026). Some of the proposals cleared for procurement include “next generation fighter aircraft, smart and lethal weapons, ships/submarines, unmanned aerial vehicles, drones, [and] specialist vehicles.”^[8] However, it is unclear whether the budget increase is sufficient to cover all financial liabilities arising from both ongoing contracts and new contracts to be signed in 2026-27. For instance, the 3-percent increase in the budget for ‘naval fleet’ appears inadequate given the impending deal to acquire from Germany six advanced submarines for the Indian Navy at a cost of nearly US$8 billion.^[9]

Self-Reliance 

The MoD has earmarked 75 percent of the capital acquisition budget for procurement from the domestic industry, which will result in a flow of INR 1.39 trillion (~US$15 billion) to the Indian industry. This share highlights the Indian industry’s growing capability to meet the armed forces’ ever-growing requirements, as well as the fruition of government initiatives such as ‘Make in India’ and the ‘Atmanirbhar Bharat Mission’.

The budget boost for the domestic industry is also likely to incentivise production, which has consistently increased over the years to INR 1.54 trillion (~US$17 billion) in 2024-25, with the government setting a target of INR 1.9 trillion (~US$21 billion) in 2025-26. The Indian industry will also likely benefit from several other initiatives announced in the Budget, including the exemption of basic customs duty on raw materials imported by “units in the defence sector” for manufacturing “parts of aircraft to be used in maintenance, repair, or overhaul.”^[10]

The Budget has, however, done little to improve the R&D focus. Allocations for the DRDO, which is at the core of India’s defence innovation ecosystem, have increased by a modest 8.5 percent (compared to a 15-percent increase in the MoD’s budget), resulting in its share in the total defence services budget declining to less than 5 percent. Capital allocations for industry for innovation have also dropped. The budget for the technology development fund—meant to provide financial assistance to the industry for prototype development under the ‘Make’ procedure of the Defence Acquisition Procedure—has declined by 16 percent to INR 17.08 billion (~US$187 million). Such reductions in allocations do not augur well for the rapid advancement of defence technology.

The 16th Finance Commission and Defence Spending

The 2026-27 Union Budget is the first budget of the five-year award period (2026-27 to 2030-31) of the 16th Finance Commission, whose report was presented to parliament just before the Union Budget. The main focus of the report is the devolution of central taxes to the states and union territories, which also has implications for the central government’s resource distribution for its various schemes and programmes.

The Finance Commission acknowledged “the need to increase spending in the defence sector, considering the recent geopolitical changes and hostility at our borders.”^[11] However, it noted that the enhanced allocation “should be aimed at capacity building and modernisation on the capital side, rather than the revenue side.” Accordingly, the Commission projected the defence services’ salary and non-salary revenue components will grow by 6 percent and 15 percent per year, respectively, over the five-year period.

For capital expenditure, the Commission recommended a much higher 30 percent year-on-year increase over the award period which, it believed, will help the forces achieve “multi-domain operational capability in the context of national security.”^[12] Including both the revenue and capital expenditure, the Commission has projected an allocation of INR 5.74 trillion (~US$63 billion) for 2026-27, which will progressively increase to INR 11.58 trillion (~US$127 billion) by 2030-31. The Commission also estimated that by the end of the award period, allocations to the defence services will reach 1.9 percent of GDP from 1.4 percent in 2025-26 (see Table 6). 

Table 6: 16th Finance Commission Projections for Defence Services

Award Period	Revenue Expenditure of Defence Services (INR Trillion)	Capital Expenditure of Defence Services (INR Trillion)	Total Expenditure of Defence Services (INR Trillion)	Total Expenditure of Defence Services as % of GDP
2026-27	3.40	2.34	5.74	1.4
2027-28	3.72	3.04	6.76	1.5
2028-29	4.07	3.95	8.02	1.6
2029-30	4.46	5.14	9.60	1.7
2030-31	4.90	6.68	11.58	1.9

Source: Compiled from 16th Finance Commission, Vol-II, pp. 30-31. 

In comparison to the 16th Finance Commission’s projections, the defence services’ salary and capital components have grown at a slower rate of 5 percent and 22 percent, respectively, while the non-salary revenue component has increased at a faster pace (38 percent), largely due to the hefty sum for ‘spectrum charges’. Such has been the impact of the new budget entry that the total allocations for the defence services have surpassed the Commission’s projections by over INR 100 billion (~US$1.1 billion), even though the Commission’s most prioritised component—capital expenditure—has grown at a much slower rate.

Conclusion

The unprecedented 15-percent increase in the MoD’s 2026-27 budget, coming soon after Operation Sindoor, appears to be a statement of India’s defence intent. However, some of the sheen in the budget is diluted due to the appearance of a new budget head (‘spectrum charges’) to pay for the telecommunications department’s past and recurring expenditures. The new budget head has not only inflated the overall budget, particularly the revenue expenditure of the defence services, but also has a calming effect on capital expenditure, which has grown at 22 percent—much lower than the 30 percent recommended by the 16th Finance Commission to enable the defence forces to achieve “multi-domain operational capability”.

The budget also falls short of expectations on the defence innovation front. The modest growth in the DRDO’s allocation and its reduced share in the defence services budget, combined with the reduction of funds for the ‘Make’ projects, are not in sync with the self-reliance drive, which needs a sustained budget boost. 

Annexe: Key Defence Statistics 

Indicator	2025-26	2026-27
MoD’s Budget (INR Billion)	6,812.10	7,846.81
Growth of MoD’s Budget (%)	9.5	15.2
Defence Services Budget (INR Billion)	4,917.32	5,847.85
Growth of Defence Services Budget (%)	8.1	18.9
Defence Pensions (INR Billion)	1,607.95	1,713.38
Growth of Defence Pensions (%)	13.9	6.6
MoD (Civil) Budget (INR Billion)	28,683	28,555
Growth of MoD (Civil) Budget (%)	10.5	-0.4
Revenue Expenditure of MoD (INR Billion)	4,888.23	5,536.69
Growth of Revenue Expenditure of MoD (%)	11.2	13.3
Capital Expenditure of MoD (INR Billion)	1,923.88	2,310.10
Growth of Capital Expenditure of MoD (%)	5.6	20.1
Revenue Expenditure of Defence Services (INR Billion)	3,117.32	3,654.79
Growth of Revenue Expenditure of Defence Services Budget (%)	10.2	17.2
Share of Revenue Expenditure in Defence Services Budget (%)	63.4	62.5
Capital Expenditure of Defence Services (INR Billion)	1,800.00	2,193.06
Growth of Capital Expenditure of Defence Services Budget (%)	4.7	21.8
Share of Capital Expenditure in Defence Services Budget (%)	36.6	37.5
Capital Acquisition Budget (INR Billion)	1,487.23	1,849.32
Growth of Capital Acquisition Budget (%)	5.7	24.3
Share of MoD Budget in GDP (%)	1.91	2.00
Share of MoD Budget in Central Government Expenditure (CGE) (%)	13.4	14.7
Share of Defence Services Budget in GDP (%) *	1.38	1.49
Share of Defence Services Budget in CGE (%)	9.7	10.9
Share of Capital Expenditure of MoD in Central Govt’s Capital Expenditure (%)	3.6	4.1
GDP (INR Billion) *	357,138.86	393,003.93
GDP Growth (%) *	8.0	10.0
CGE (INR Billion)	50,653.45	53,473.15
Growth of CGE (%)	5.1	5.6
CGE as % of GDP	14.2	13.6
Fiscal Deficit (% of GDP)	4.4	4.3

*: GDP figures for 2025-26 and 2026-27, in current market prices, are first advance estimates and budget estimates, respectively.

Endnotes

^[a] India’s military campaign against Pakistan in response to the Pahalgam terror attack.

^[b] All conversions in this brief are based on an average exchange rate (for January-March 2026) of $1=INR 91.40.

^[c] As per the Article 280 of the Indian Constitution, a Finance Commission is set up by the President of India every five years to recommend, among others, the distribution of tax revenues between the Centre and States and among the States.

^[d] The Indian Rupee depreciated by 5 percent in 2025, from 85.71 to 89.98 against a dollar, and reaching 91.9 against a dollar by the end of January 2026.

^[e] The Union Budget 2026-27 assumes a 10-percent increase in nominal GDP and a 3-percent increase in gross tax revenue, and projects a fiscal deficit of 4.3 percent of GDP.

^[1] Ministry of Finance, Government of India, Union Budget 2026-27, https://www.indiabudget.gov.in/.

^[2] Ministry of Finance, Economic Survey 2025-26, pp. 1 & 31.

^[3] “Trump’s 50% India Tariffs: Full Timeline of Trade Tensions and US-India Relations,” The Indian Express, February 4, 2026, https://indianexpress.com/article/world/us-news/why-did-trump-impose-50-us-tariffs-on-india-a-timeline-10509911/.

^[4] Manoj Kumar, “India Delays U.S. Trade Talks after Supreme Court Rejects Trump Tariffs, Source Says,” Reuters, February 22, 2026, https://www.reuters.com/world/india/india-delays-us-trade-talks-after-supreme-court-rejects-trump-tariffs-source-2026-02-22/.

^[5] “China Yet to Resume Rare Earth Exports to India Despite Wang Yi’s Assurance; EV Makers Face Crunch: Report,” Moneycontol, September 11, 2025, https://www.moneycontrol.com/news/business/china-yet-to-resume-rare-earth-exports-to-india-despite-wang-yi-s-assurance-ev-makers-face-crunch-report-13538014.html.

^[6] Manu Pubby, “China Gave Live Support to Pakistan During Operation Sindoor: Deputy Chief, Army”, The Economic Times, July 5, 2025, https://economictimes.indiatimes.com/news/defence/china-gave-live-support-to-pakistan-during-operation-sindoor-deputy-chief-army/articleshow/122255921.cms?from=md

^[7] Ministry of Finance, Union Budget 2026-27, p. 77.

^[8] Press Information Bureau, “Ministry of Defence Allocated an All-Time High of Rs 7.85 Lakh Crore in Union Budget 2026-27, 15% Higher Over Budgetary Estimates of FY 2025-26,” February 1, 2026.

^[9] Surendra Singh, “India, Germany Close to Signing $8 Bn P75I Submarine Deal, Pact Likely by March-End,” The Times of India, January 31, 2026, https://timesofindia.indiatimes.com/defence/news/india-germany-close-to-signing-8-bn-p75i-submarine-deal-pact-likely-by-march-end/articleshow/127809827.cms.

^[10] Ministry of Finance, Budget 2026-27 (Speech of Nirmala Sitharaman), February 1, 2026.

^[11] Sixteenth Finance Commission, Report for 2026-31, Vol. I-Main Report, p. 117.

^[12] Sixteenth Finance Commission, Report for 2026-31, p. 120.

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