Budget 2024: How does the defence sector stand to benefit

The government of India, on Thursday, hiked its defence budget by 4.5% to Rs 6.21 lakh crore for 2024-25 from last year's allocation of Rs 5.94 lakh crore. Inline with the country's 'Make-in-India' initiative and focus on improving domestic manufacturing and production of defence products and technology, FM Nirmala Sitharaman announced a new scheme to encourage R&D in the sector.