NEW DELHI: India on Monday hiked its overall defense budget to whopping USD 36 billion, a ten percent increase than the previous year.
Finance Minister P Chidambaram while presenting the interim budget in the parliament said the defence allocation has been increased by ten percent this fiscal year (2014-2015), adding, allocations of 2.24 trillion rupees (USD 36 bn) has been made for the defence against 2.03 trillion rupees in the previous fiscal year.
The finance minister said India would also start a modernization plan for the armed forces which would cost the country over 11,000 million Indian rupees. He said the step was taken to strengthen the capacity of federal armed forces.
The finance minister said that funds for the purpose have been provided in the current financial year and would be utilized for providing state of the art equipment and technology for the Central Armed Police Forces.
MEA gets higher allocation
The Ministry of External Affairs was today allocated Rs 14,130 crore for 2014-15, which is an increase of 20 per cent compared to revised outlay of last year as more funds have been earmarked for India’s overseas developmental projects.
The allocation is up by Rs 2,337 crore from last year’s revised estimate of Rs 11,793 crore.
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