Indian MoD To Review Defence Projects Amid Possible Budget Cuts

The Indian Defense Ministry will conduct a review of all the major modernization programs amid the possibility of a budget cut. Defense Minister AK Antony and the three Service vice chiefs will review the expenditure made by the Armed Forces this year and their plans for the remaining part of the fiscal. The meeting comes at a time when there is a possibility of a budget cut in view of the economic slowdown, according to the Press Trust of India. The Defence Ministry has been allocated Rs 1.93 lakh crore for the current fiscal but it had made a demand for additional funds of more than Rs 40,000 crore for meeting its capital requirements, the report added. The Defence Ministry has undertaken a major project such as the purchase of 126 fighter aircraft, howitzers, heavy-lift aircraft and aircraft carriers. The Armed Forces will spend approximately $100 billion on procurement in the next 10 years. Defence Minister AK Antony will review the expenditure made by the Armed Forces this year and their plans for the remaining part of the fiscal, Ministry officials said.