Budget 2023: No big boost to defence sector, stocks tumble

While the Ministry of Defence has received the highest allocation among all ministries at Rs 5.94 lakh crore, it is not a significant jump from Rs 5.25 lakh crore for this FY

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Contrary to expectations, there was no big announcement for the defence sector in Union Budget 2023-24. While the Ministry of Defence has received the highest allocation among all ministries at Rs 5.94 lakh crore, it is not a significant jump from Rs 5.25 lakh crore for this FY.

Shares of Bharat Electronics, Bharat Dynamics, Hindustan Aeronautics, Paras Defence and BEML tumbled 5-9 percent after Finance Minister Nirmala Sitharaman completed her Budget speech.

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Under its ambitious Atmanirbhar Bharat scheme, the government has banned imports of several items, including crucial parts used in defence equipment. Which means they are being manufactured in India now.