India’s defence budget hiked by 10 percent

February 29th, 2008 - 2:30 pm ICT by admin  

A file-photo of P. Chidambaram

New Delhi, Feb 29 (IANS) India’s defence budget has been hiked by 10 percent to Rs.1,056 billion ($26.5 billion), Finance Minister P. Chidambaram announced Friday, saying even more money would be provided if required. “The allocation for defence is being raised by 10 percent from Rs.96,000 crore (Rs.960 billion) to Rs. One lakh five thousand six hundred crore (Rs.1,056 billion),” the minister said while delivering his budget speech in parliament.

“I have assured the raksha mantri (defence minister) that more money would also be provided if necessary, especially for capital expenditure,” he added.

Tags: , , , , , , , , , , , , , ,

Posted in Business |

Subscribe