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India Increases Defense Budget by 10.9 Percent

India Increases Defense Budget by 10.9 Percent

IHS Jane’s reports that India has announced a core defense budget of $41.1 billion for fiscal year 2015-16.  Total defense spending, including expenses for military pensions, will rise to  Rs 3 trillion.

The figure is a 7.7% increase over the initial 2014-15 budget announced by the previous Congress Party-led government in February 2014, or a 10.9% increase over the revised budget announced by Prime Minister Modi’s government in July 2014.

The first full budget presented by Modi’s government since it took charge in May 2014 saw core defense spending decline to 1.75% as a percentage of GDP for the second consecutive year.

Officials told IHS Jane’s that this year’s defense budget was among the lowest against GDP since 1962.

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