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Monday, January 13, 2014

Despite budget cut, defence ministry continues with modernization drive

C-17 Globemaster IIIDespite resistance from defence ministry, the government has cut more than Rs 7,800 crore from the former's budgetary allocation for this year.

However, notwithstanding the financial constraints, the ministry, in this fiscal till December 31, has been able to spend over 82 per cent of its budget for modernization while continuing with the drive to procure and upgrade military assets, which has seen a whopping Rs 3.25 lakh crore (around $55 billion) being spent over the last five years.

There was a cut of more than Rs 7,800 crore in the defence budget of Rs 2.03 lakh crore for the 2013-14 fiscal despite opposition to the same from the ministry, defence sources said. They, however, added that, with the diversion of funds internally, the ministry has been able to manage.

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