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ICICI Securities Report
Key takeaway from defence capital expenditure (FY22) in Budget 2021 was approximately 18.8% increase in FY21RE vis-a-vis FY21BE.
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Major contributor is navy (40% plus increase), followed by Indian Airforce (27% plus increase).
Army budget during the same period is nearly flat (up 2.5%) with 14% increase seen in construction.
FY22BE is largely similar to FY21RE; however, while Army witnessed 10% increase, Navy and IAF witnessed 11% and 3% reduction, respectively.
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Biggest increase in Army's budget (FY22BE over FY21RE) comes in the form of other equipment highlighting the possible increase in artillery, missiles, rockets (Pinaka), ammunitions.
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