Government spending or expenditure includes all government consumption, investment, and transfer payments. In national income accounting, the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment. These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product.
The military budget of the United States is the largest portion of the discretionary federal budget allocated to the Department of Defense (DoD), or more broadly, the portion of the budget that goes to any military-related expenditures. The military budget pays the salaries, training, and health care of uniformed and civilian personnel, maintains arms, equipment and facilities, funds operations, and develops and buys new items. The budget funds five branches of the US military: the Army, Navy, Marine Corps, Air Force, and Space Force.
Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth ₹49.24 trillion (US$620 billion) as of March 2023. It is under the ownership of Government of India and administrative control of the Ministry of Finance.
The military budget of China is the portion of the overall budget of China that is allocated for the funding of the military of China. This military budget finances employee salaries and training costs, the maintenance of equipment and facilities, support of new or ongoing operations, and development and procurement of new weapons, equipment, and vehicles. Every March, as part of its annual state budget, China releases a single overall figure for national military expenditures.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. CBO estimated in February 2023 that Federal debt held by the public is projected to rise from 98 percent of GDP in 2023 to 118 percent in 2033—an average increase of 2 percentage points per year. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. Those factors persist beyond 2033, pushing federal debt higher still, to 195 percent of GDP in 2053.
The Ministry of Defence (MoD) is charged with coordinating and supervising all agencies and functions of the government relating directly to national security and the Indian Armed Forces. The President of India is the ceremonial commander-in-chief of the armed forces of the country. The Ministry of Defence provides policy framework and resources to the armed forces to discharge their responsibility in the context of the defence of the country. The Indian Armed Forces and Indian Coast Guard under the Ministry of Defence are primarily responsible for ensuring the territorial integrity of India.
The 2010 Union budget of India was presented by Finance minister Pranab Mukherjee in the Lok Sabha on Friday, February 26, 2010.
The federal budget of Russia is the leading element of the budget system of Russia. The federal budget is a major state financial plan for the fiscal year, which has the force of law after its approval by the Russian parliament and signed into law by the President of Russia. That the federal budget is the primary means of redistribution of national income and gross domestic product through it mobilized the financial resources necessary to regulate the country's economic development, social policy and the strengthening of the national defense. The share of federal budget accounts for a significant portion of the distribution process, which is the allocation of funds between sectors of the economy, manufacturing and industrial areas, regions of the country.
The 2013 Union Budget of India was presented by Finance Minister, P. Chidambaram on 28 February 2013, 11 AM.
The military budget of Russia is the portion of the overall budget of Russia that is allocated for the funding of the Russian Armed Forces. This military budget finances employee salaries and training costs, the maintenance of equipment and facilities, support of new or ongoing operations, and development and procurement of new weapons, equipment, and vehicles. According to estimates for the 21 years from 2000, Russia increased its military budget from $9.23bn to $65.9bn, or more than 600 percent. Moscow spends more on the military than any country of the European Union.
The defence industry sector of India is a strategically important sector in India. India has one of the world's largest military forces with a strength of over 14.4 lakh active personnel. It has the world's largest volunteer military of over 51 lakh personnel. The total budget sanctioned for the Indian military for the financial year 2021 is ₹4.78 lakh crore. It has the third largest annual defence budget behind USA and China. It is the second largest defence importer behind Saudi Arabia making up 9.2% of global arms import. India has a domestic defence industry of which 60% is government owned. The public sector includes NTRO, CSIR, PRL, DRDO and its 50 labs, 4 defence shipyards, 12 defence PSUs. India has a new defence procurement, acquisition and manufacturing policy to reduce imports and enhance domestic manufacturing.
Defence pensions are pensions paid from the Defence Services Estimates. Approximately 36 percent of amount budgeted for defence pensions is on account of defence civilians. The Defence pension bill for 2015–2016 was ₹ 54,500 crores, including pension outlay for about 400,000 defence civilians, and about Rs1000 Crores on account of allowances and establishment of Ministry of Finance personnel attached to MOD. On an average a defence civilian pensioners cost five times lesser than military pensioner. The per capita expenditure on defence civilians is approximately Rs. 5.38 Lakhs annually, in comparison with ₹ 1.38 Lakhs a year for defence pensioners paid from the defence services estimates. The per capita bill on account of defence civilian pensioners is higher mainly because they serve longer, reach the highest grades in the pay scales, are eligible for One Rank, One Pension (OROP) pensions, and are and host of allowance]. As of August 2021, SPARSH(Raksha) Pension Administration has been established under DBT(Direct Benefit Transfer) to reduce the Grievances of the Pensioners & to increase transparency Payment to Pensioners.
The 2017 Union Budget of India is the
The 2018 Union Budget of India was the annual financial statement (AFS), demand for grants, appropriation bill and finance bill of India for the financial year 2018–19.
The 2020 Union Budget of India was presented by the Finance Minister, Nirmala Sitharaman on 1 February 2020, as her second budget. This is the second budget of Narendra Modi-led NDA government's second term. The Economic Survey for 2019–2020 was released on 31 January 2020, a day before the budget. Before the budget speech the report of the 15th Finance Commission was tabled by the Finance Minister.
The economic impact of the COVID-19 pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably, India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
Atmanirbhar Bharat, which translates to 'self-reliant India', is a phrase the Prime Minister of India Narendra Modi and his government used and popularised in relation to the country's economic development plans. The phrase is an umbrella concept for the Modi government's plans for India to play a larger role in the world economy, and for it to become more efficient, competitive and resilient.
The Military budget of Bangladesh is the proportion of the overall national budget of Bangladesh that is allocated for the purpose of funding the Bangladesh Armed Forces. This military budget finances employee salaries and training costs, the maintenance of equipment and facilities, support of new or ongoing operations, and development and procurement of new weapons, equipment, and vehicles. The budget funds three branches of the Bangladesh Armed Forces: the Army, Navy and Air Force.
The 2021 National budget of Bangladesh was presented by the Minister of Finance Mustafa Kamal on 3 June 2021. The National budget is for the fiscal year beginning on 1 July 2021, and ending on 30 June 2022. The budget was the second to be presented amid the Coronavirus pandemic.
The 2022 National budget of Bangladesh was presented by the Minister of Finance AHM Mustafa Kamal on 9 June 2022. The National budget is for the fiscal year beginning on 1 July 2022, and ending on 30 June 2023. The budget was the 14th presented by the Awami League-led Grand Alliance of Prime Minister Sheikh Hasina since returning to office in 2009. The budget was the third to be presented since the outbreak of the COVID-19 pandemic and focused primarily on economic recovery from the pandemic and ameliorating the impact of rising inflation as a result of the Russia-Ukraine conflict.
