The 15th Finance Commission recommended the allocation of non-lapsable defense fund which would help to bridge the gap between the projected budgetary requirements & internal security and defense, also known as Modernization Fund for Defense and Internal Security.
And on Feb 13, Finance Minister Nirmala Sitharaman announced that the Ministry has agreed to allocate a non-lapsable defense fund as per the recommendations. The Defense Budget for the 2021-22 was announced Rs. 4.78 lakh crore on Feb 01 in the Union Budget by the Finance Minister in Lok Sabha.
