India Thursday hiked its military spending to Rs 203,672 crore (Rs 2.03 trillion/$37 billion), an increase of five percent over the Rs.193,407 crore outlay for 2012-13 but an increase of 14 percent in real terms.
The budget hike, in real terms, amounts to Rs. 25,168 crore ($4.57 billion) over the revised estimates of Rs 178, 504 crore for the fiscal ending March 31. It translates into 14 percent increase.
The finance ministry had reduced the defence ministry’s capital expenditure in the current fiscal by Rs 10,000 crore in its revised estimates, pegging it at Rs 69,579 crore from the initial figure of Rs.79,579 crore. Read more…
Source: Deccan Herald