Bangalore: Indian Finance Minister Pranab Mukherjee on Friday announced more than 17% increase in country’s defence expenditure for the financial year 2012-13.
During his budget speech, Mukherjee said that the country had allocated $41 billion as defence spending for the current fiscal, barely weeks after the neighbouring China announced 11.2% increase in its military budget.
The finance minister also said that capital expenditure for the same period has been raised $17.5 billion.
The increase in allocation, up from $36 billion last financial year, also comes at a time when the India’s armed forces are in the process of modernising itself as well as acquiring a slew of military equipment, including combat aircrafts, submarines and artillery.
China’s military budget is currently the second highest in the world, just below that of the United States, and has steadily increased every year over the last decade.
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