In what may not go well with Pakistan and China, India has increased its defence spending by 4.5 per cent.
New Delhi, Feb 28/Nationalturk: India has increased the defence spendings by 4.5 per cent with country’s Finance Minister P Chidambaram saying that financial constraints will not come in the way of providing any additional funds for security of the nation.
Indian Finance Minister P Chidambaram presented the budget in parliament today and increased the allocation for defence expenditure by 4. 5 per cent to 2.03 trillion Indian rupees ($37.45 billion) for financial year 2013-14.
The increase in defence spending has effectively negated the intense speculation that the stuttering growth of the Indian economy could have a cascading effect on the country’s military.
Of the total defence outlay, Chidambaram said Rs.86,741 crores will be for capital expenditure.
The finance minister said financial constraints will not come in the way of providing any additional requirement for the security of the nation.
To increase the power and capability of its armed forces, India is likely to purchase 126 French Rafale fighter jets for $12 billion and is shopping for some 400 combat helicopters worth tens of millions of dollars, as well as artillery, drones and electronic warfare systems.
India’s defence minister satisfied with allocation
India’s Defence Minister AK Antony was satisfied with the allocation. “Factoring the current economic scenario, he (Chidambaram) has been fair to the Defence sector also by increasing the budget and giving an assurance that should there be any urgent need in future the same would be provided,” he said.
“Taking into account the difficult economic situation both at home and abroad, the Finance Minister has done a good job. The measures that he has outlined for the rejuvenation of the economy while ensuring inclusive growth are indeed commendable,” added Antony.
India’s increase in budget allocation of defence may upset Pakistan and China, India’s two arch rival neighbours. India has fought a 1962 war with China and has also fought three wars with Pakistan. India has held several rounds of talks with both China and Pakistan the countries have failed to resolve their territorial disputes.
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Faiz Ahmad / NationalTurk India News
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