India Boosts Defense Spending by 11 percent
NTDTelevision
2011-03-02
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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.
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.
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