India increases defense spend
Jan 28, 2011 Neelam Mathews India increases defense spend India has allocated $44.4 billion for its defense spending (services and civil) for its financial year starting April 2011- March 2012, up by 8.4% from the previous financial year. Of this, set aside for defense services is around $35.74 billion (including capital procurement of $15.04billion- an increase of 13.75% over last year). The contribution of defense spending (services and civil) is now about 2.72% of the GDP- up from last year’s 2.41%. The budget was announced by the Finance Minister in the Indian parliament today (February 28). Post Mumbai attacks of Dec 2008, there has been increased concern on the homeland security front with budgets steadily increasing for the police and paramilitary forces for border and coastal surveillance. As a result, the budget allocated to the homeland security sector is $10.17billion, up from $8.75 billion from the last year. “There is no limit to the homeland security budget. ...