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February 28, 2013

Union Budget 2013: Government increases defence spending by 4.5%

The government has upped its allocation for defence expenditure by 4. 5 per cent to Rs. 2.03 lakh crore for the financial year 2013-14, effectively negating 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 for 2013-14, Finance Minister P Chidambaram said, Rs.86,741 crore will be for capital expenditure.

Earlier this month, Defence Minister AK Antony told reporters at the recently concluded Aero India show in Bengaluru, "India is not an island. The world economy is going through a tough time, we will have to cut down."

Mr Antony said that the government is drastically cutting down on expenditure across the board and "budget cuts fall on our department too." He said that there will be no cuts in "priority areas" and the "operational preparedness" of the military will not be affected.

 profit.ndtv

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