Image Source : FILE India vs Pakistan Army
Despite battling poverty, Pakistan has increased its defense budget by 15.5 percent. Explain that Pakistan, which has been facing cash crisis for a long time, proposed to increase the expenditure on the defense sector by 15.5 percent to Rs 1.8 lakh crore in the next financial year budget presented on Friday. Although it is many times less than India’s defense budget. Pakistan’s Shehbaz Sharif government has presented a total budget of Rs 14.4 lakh crore for the financial year 2023-24, trying to prevent a possible payment default due to dwindling foreign reserves. Presenting the budget in the National Assembly, the lower house of the Parliament, Finance Minister Ishaq Dar said that a target of 3.5 per cent growth rate has been set for the coming financial year. Right now Pakistan’s GDP is running below zero.
Dar said, “This budget should not be seen as an ‘election budget’. It should be seen as a ‘responsible budget’. Elections are due in Pakistan this year amid political instability since the fall of the Imran Khan government in April last year. He said that Rs 1,804 billion has been proposed in the budget for the defense sector, which is 15.5 percent more than last year’s proposal of Rs 1,523 billion. Defense expenditure accounts for about 1.7 percent of Pakistan’s gross domestic product (GDP). The maximum provision of Rs 7,303 billion has been made in the budget for loan repayment. The Finance Minister said that the inflation target for the next financial year has been kept at 21 per cent while the budget deficit will be 6.54 per cent of GDP. (PTI)
India’s defense budget is so big
India has presented the world’s third largest defense budget this time. India’s defense budget for the year 2023-24 has increased from 5.25 lakh crore to 5.94 lakh crore. This is about 5 times more than Pakistan’s defense budget. While China’s defense budget is only a quarter. That is, China’s military budget is 4 times more than India’s defense budget. Although China’s defense budget was about two to two and a half times more than India’s military budget till a few years ago, but during 3 to 4 years, China has increased its defense budget by two times.
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