Budget 2019: Modi govt announces highest-ever defence budget of over Rs 3 lakh crore

Presenting the Union Budget 2019, Interim Finance Minister Piyush Goyal said that defence budget has been increased to more than Rs 3 lakh crore for the financial year 2019-20. More allocations will be made to the defence forces if needed, Goyal added.

"Our Defence Budget will be crossing Rs 3 lakh crore for the first time in 2019-20. For securing our borders and to maintain preparedness of the highest order, if necessary, additional funds would be provided," Goyal said during his Budget speech.

Goyal also said that Rs 35,000 crore has already been disbursed under 'One Rank, One Pension' for the armed forces.

"In our Election Manifesto, we had promised to implement One Rank One Pension (OROP). This was pending for the last 40 years and has been resolved by us. The previous governments announced it in three budgets but sanctioned a mere Rs 500 crore in 2014-15 Interim Budget; in contrast we have already disbursed over Rs 35,000 crore after implementing the Scheme in its true spirit," the Interim FM said today.

Finance minister Piyush Goyal: The defence budget has enhanced beyond Rs 3 lakh crore #BudgetSession2019 pic.twitter.com/w91U1kWy5Z

- ANI (@ANI) February 1, 2019

The government also announced substantial hike in the Military Service Pay (MSP) of all service personnel and special allowances given to Naval and Air Force personnel deployed in high risk duties, Goyal said.

ALSO READ: Budget 2019 LIVE updates: Piyush Goyal's speech brings smiles to farmers! New scheme offers Rs 6,000 per year

ALSO READ: Budget 2019 Live Streaming: When and Where to watch; here's everything you need to know