Budget 2025 Expectations| Govt should increase capital outlay for the defence sector, says Balu Forge Industries Ltd director Jaikaran Chandock

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

Private defence sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping the fingers crossed regarding their expectations from the government's most important financial document of the year.

Here's what Jaikaran Chandock, Director, Balu Forge Industries Ltd has to say--

''Defence will be one of the key focus areas for the upcoming Union Budget 2025, as the government intensifies its efforts to achieve self-reliance in design, development and manufacturing of defence equipment.

The budget should propose an increase in the capital outlay for the defence sector to bolster capacity and capability, driving progress towards achieving self-reliance and attaining the defence exports target of ₹50,000 crore by 2029.

With a dynamic defence manufacturing sector, India can boost indigenisation as well as domestic procurement of defence products and can become a global hub for sourcing advanced defence equipment.

Therefore, the budget needs to propose measures and schemes that encourage technology transfer, public-private partnerships, R&D and collaboration with global players and Original Equipment Manufacturers (OEMs).

A strong defence manufacturing ecosystem will help the sector unlock emerging opportunities.''

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.