 |
| Dassault Rafale |
NEW DELHI — India on March 16 boosted military spending by 17 percent to $40 billion for the coming year as it seeks to counter China’s rapid military buildup and its traditional rival, Pakistan.
The government, engaged in a massive program to upgrade the country’s aging military hardware, increased defense spending to 1.93 trillion rupees for the coming fiscal year, which runs through March 31, 2013.
“This allocation is based on present needs, and any further requirement will be met,” Finance Minister Pranab Mukherjee told lawmakers in announcing the 2012-‘13 budget in parliament.
Read the full story at DefenseNews