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India raises fiscal defense budget

Updated: 2012-03-16 15:21
( Xinhua)

NEW DELHI - India will raise defense budget for 2012-13 fiscal year to 1.93 trillion rupees ($42 billion), said Indian Finance Minister Pranab Mukherjee Friday when presenting his federal budget for the fiscal year to the Parliament.

The raise is aimed at modernizing Indian army, navy and air force, according to the minister.

The Indian government also hiked capital expenditure on the defense forces to 795.79 billion rupees ($17.5 billion) .

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