Union Finance Minister Nirmala Sitharaman presented the Union Budget 2023 on Wednesday, February 1st, allocating nearly Rs 6 lakh crore ($8.1 billion) to the defence sector, with a capital outlay of Rs 1.62 lakh crore ($2.2 billion), a 12% increase from last year's Rs 1.44 lakh crore ($1.9 billion). The Ministry of Defence has been given a total budget of Rs 5,93,537.64 crore ($7.9 billion), which is 13.18% of the total budget and includes an amount of Rs 1,38,205 crore ($1.8 billion) for Defence Pensions.