With IOR Focus, Navy Gets 43% Capital Outlay Hike, Army Modernisation Funds Dip 12.2%
Emphasising the central government’s focus on the Indian Ocean Region (IOR) and overall maritime security, union finance minister Nirmala Sitharaman on Tuesday announced a massive jump of around 43 per cent in the modernisation funds of the Indian Navy in the defence budget for 2022-23 at Rs 47,590.99 crore.