The Indian Navy is planning to boost its defence spending by 74% in the next financial year to 31 March 2013 in a bid to procure additional ships and submarines as well as pay for its aircraft carrier programmes.
Around $4.77bn has been allotted to the Indian Navy, up from $2.74bn last year, following an 18% increase in the overall defence spending.
India's Finance Minister Pranab Mukherjee told lawmakers while announcing the budget in Parliament that the allocation was based on present needs, and any further requirement will be met.
Read the full story at Naval Technology