Mirroring China’s military buildup, India is raising its defense spending by 13% to 1.93 trillion rupees ($38.6 billion) to fast-track the modernization of its armed forces. In real terms, the boost in defense allocation amounts to 224.7 billion rupees over the revised estimates of 1.71 trillion rupees for the fiscal year ending March 31, 2012. Discounting this increase of 65.22 billion rupees, the hike comes to 17.6% over the 1.64 trillion rupees originally allocated. The 13% uptick ...
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