With an aim of fast-tracking procurement of defence equipment, the government steeply hiked the budgetary allocation for defence to Rs 1,41,703 crore, a 34% increase over the previous fiscal.
The increase in real terms amounted to Rs 36,103 crore over last year's allocation of Rs 1,05,600 crore, and is apparently intended to speed up procurement of defence equipment and plug the security gaps exposed by the November 26 Mumbai terror attacks last year.
The 34% increase is substantial compared to the increase of only 10% effected in last year's budget over Rs 96,000 crore allocated in 2007-08.
In fact, Finance Minister Pranab Mukherjee had allocated the same amount for defence in his interim budget presented in Parliament on February 16 before the Lok Sabha polls.
Despite the hike this year, India's defence spending is still at about 2% of the GDP, compared to China's 7% and Pakistan's 5%.
The defence ministry had returned nearly Rs 7,000 crore as unspent money from its last year's capital outlay of Rs 48,007 crore as its plans to procure light utility helicopters and 155mm artillery guns did not fructify.
The hike in defence budget is the need of the hour, as India is developing in each sector, so one cannot neglet this one, as we progress the giants will look after us. Looking at the present terrorism scenario, it very important to spend money in our defence sytem to make it more promissing.
The increase in real terms amounted to Rs 36,103 crore over last year's allocation of Rs 1,05,600 crore, and is apparently intended to speed up procurement of defence equipment and plug the security gaps exposed by the November 26 Mumbai terror attacks last year.
The 34% increase is substantial compared to the increase of only 10% effected in last year's budget over Rs 96,000 crore allocated in 2007-08.
In fact, Finance Minister Pranab Mukherjee had allocated the same amount for defence in his interim budget presented in Parliament on February 16 before the Lok Sabha polls.
Despite the hike this year, India's defence spending is still at about 2% of the GDP, compared to China's 7% and Pakistan's 5%.
The defence ministry had returned nearly Rs 7,000 crore as unspent money from its last year's capital outlay of Rs 48,007 crore as its plans to procure light utility helicopters and 155mm artillery guns did not fructify.
The hike in defence budget is the need of the hour, as India is developing in each sector, so one cannot neglet this one, as we progress the giants will look after us. Looking at the present terrorism scenario, it very important to spend money in our defence sytem to make it more promissing.
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