Defence Budget 2024 - 10 things to know with detail
- 1. Total Defence Budget: The Defence Budget for 2024 is projected to be $750 billion, a 5% increase from the previous year.
- 2. Allocation for Personnel: A significant portion of the budget, approximately $250 billion, will be allocated for personnel costs including salaries, benefits, and training for military personnel.
- 3. Modernization Efforts: The Defence Budget includes $150 billion for modernization efforts, which will go towards upgrading equipment, technology, and infrastructure to enhance the military's capabilities.
- 4. Research and Development: A portion of the budget, around $50 billion, will be allocated for research and development initiatives to support the development of new technologies and weapons systems.
- 5. Maintenance and Operations: Approximately $100 billion will be allocated for maintenance and operations costs, including upkeep of equipment, facilities, and logistical support for military operations.
- 6. Cybersecurity: Given the increasing threat of cyber attacks, the Defence Budget includes $20 billion for cybersecurity initiatives to protect military networks and systems.
- 7. Strategic Initiatives: The budget also includes funding for strategic initiatives such as missile defense systems, space exploration, and counter-terrorism efforts, with an allocation of $80 billion.
- 8. Training and Education: A portion of the budget, approximately $30 billion, will be allocated for training and education programs to ensure military personnel are well-prepared for their roles.
- 9. Medical Care: The Defence Budget includes funding for medical care for military personnel and their families, with an allocation of $15 billion for healthcare services.
- 10. Contingency Fund: To address unforeseen events or emergencies, the Defence Budget includes a contingency fund of $10 billion to provide flexibility in responding to unexpected situations.