India Raises Defense Budget By 13 Pct To $72.6 Bln Amid Border Tensions With China

Indian Army soldiers march through the ceremonial Rajpath during the Republic Day parade in New Delhi, India, on Wednesday, Jan. 26, 2022. India has bounced back strongly from the pandemic and stands poised to claim the mantle of fastest-growing economy in 2021 and probably 2022 as well. Bloomberg  

Reuters: India raises defense budget by 13 pct to $72.6 bln amid border tensions with China 

 India proposed on Wednesday 5.94 trillion rupees ($72.6 billion) in defense spending for the 2023-24 financial year, 13 percent up from the previous period’s initial estimates, aiming to add more fighter jets and roads along its tense border with China. 

Finance Minister Nirmala Sitharaman allocated 1.63 trillion rupees for defense capital outlays -- an expenditure that would include new weapons, aircraft, warships and other military hardware, as she unveiled nearly $550 billion of total federal spending in the annual budget for 2023-24 starting in April.  

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Update #1: Budget 2023-24: Good news for Indian military as defence budget gets 13% hike (First Post)  

Update #2: India raises defence budget to $72.6 bn (Express Tribune)  

WNU Editor: Some analysts and pundits expected a bigger defense budget increase .... India's Military Modernization in Doubt With Tiny Budget Rise (Bloomberg).