High on Revenue, Low on Capital: India’s Defence Budget 2023-24
This brief examines India’s defence budget for 2023-24. It outlines the economic context for India’s latest defence allocations, and examines the drivers of growth, the broad distribution of resources among the defence forces, and the impact of such distribution on modernisation and the domestic defence industry. The brief posits that the new defence budget, coming on the back of a hefty mid-year upward revision of the previous alloca