Union Finance Minister, Arun Jaitley on 10 July 2014 presented Union Budget 2014-15. In his maiden budget, the Union Finance Minister announced certain major plans for Defence and Internal Security.
The Union Finance Minister announced that the FDI cap in Defence sector would be raised to 49 percent.
Steps and plans announced for Defence in the budget 2014-15
• The budget allocated further sum of 1000 crore rupees to meet requirement for One Rank One Pension
• Capital outlay for Defence increased by 5000 crore including a sum of 1000 crore for accelerating the development of the Railway system in the border areas.
• Urgent steps would also be taken to streamline the procurement process to make it speedy and more efficient
• 100 crore rupees is provided for construction of a war memorial in the Princes Park, which will be supplemented by a War Museum
• 100 crore rupees has been allocated to set up a Technology Development Fund for Defence
Steps and plans announced for Internal Security in the budget 2014-15
• 3000 crore ruppes allocated in the current financial year for modernization of state police forces
• Adequate allocation for Additional Central Assistance for Left Wing Extremist Affected districts
• 2250 crore rupees provided to strengthen and modernize border infrastructure
• 990 crore rupees allocated for the socio economic development of the villages along the borders
• 150 crore rupees ear-marked for the construction of Marine Police Station, Jetties and for the purchase of boats and others
• 50 crore rupees has been provided for construction of National Police Memorial
When: 10 July 2014