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Friday, February 29, 2008

India hikes defence budget to $26.40 bln

India on Friday jacked up defence spendingby 10 percent to 26.4 billion dollars, the steepest hike since independence to fund a mammoth modernisation programme.

Finance Minister Palaniappan Chidambaram boosted expenditure for the fiscal year ending March 2009 from the previous allocation of 24 billion dollars saying security was of paramount importance.

India plans to spend at least 30 billion dollars until 2012 to modernise the military with an immediate purchase of 126 warjets costing 12 billion dollars followed by ships, submarines, artillery and other hardware in coming years.


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