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India is upping its budget for defense spending. The country is in the process of upgrading its antiquated military equipment, that dates back to the Soviet-era military.
On Monday, India's finance minister announced an 11 percent hike in India's defense spending. It comes as the country aims to modernize its aging Soviet-era military equipment.
Defense spending is up as the country tries to strike a balance between boosting the armed forces that guard borders with nuclear armed neighbors China and Pakistan. It's also fighting an increasingly deadly battle with Maoists insurgents operating inside India's borders.
[Pranab Mukherjee, Indian Finance Minister]:
"In the budget 2011-12, a provision of Rupees 164,415 crores ($36.35 billion) has been made for the defense services which include 69,199 crore ($15.30 billion) for capital expenditure. Needless to say, any further requirement for the country's defense would be made."
India is expected to strengthen its military hardware through a spate of multi-billion dollar defense deals in the coming months.