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INDIA HIKES DEFENCE BUDGET BY 7.8 PCT TO US$21.7 BLN.
NEW DELHI, March 1 Asia Pulse - Continuing its drive to modernise the armed forces, the Indiangovernment on Wednesday hiked the defence budget for 2007-08 to Rs 960 billion (US$21.7 billion), an increase of 7.8 per cent over the current fiscal's outlay.
The increase was Rs 100 billion more in actual terms, as the defence ministry spent Rs 860 billion as against its outlay of Rs 890 billion for 2006-07.
Presenting the budget in Parliament, Finance Minister P Chidambaram said the allocation of Rs 960 billion would include a whopping Rs 419.22 billion for capital expenditure or acquisition of new hardware, signalling that the armed forces would go ahead with some big ticket weapons deals.
He also promised to provide more funds to the defence ministry if ...
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Source: HighBeam Research, INDIA HIKES DEFENCE BUDGET BY 7.8 PCT TO US$21.7 BLN.