India Hikes Defense Budget By 17%

India has substantially hiked its defense budget by more than 17% to Rs 1,93,407 crore from last year's Rs 1,64,415 crore, the Press Trust of India reported on Friday. The Indian Air Force is currently in the process of procuring 126 combat aircraft among other several defense deals. Some Rs 79,500 crore is expected to be spent on procuring modern weapons systems and military hardware. Presenting the budget to the parliament, Finance Minister Pranab Mukherjee said that Rs 1,93,407 crore has been allocated for defence forces of which over Rs 79,500 crore would be earmarked for capital acquisition. This allocation is based on the present needs and any further requirement for the security of the nation would be made, finance minister Pranab Mukherjee was quoted as saying. The deals which are likely to be signed this year include 126 Medium Multi Role Combat Aircraft (MMRCA), 145 Ultra Light Howitzers (ULH), 197 Light Utility Helicopters and others weapons and systems for the three services.