India announced a 13% increase in its war budget. India has increased its annual defense budget by 13 percent to deal with conflicts. And skirmishes on the border with Pakistan and China and to equip its army with modern arms and weapons.
The two neighbors have long-standing disputes over borders, trade and technology. And have steadily increased their military strength since the 2020 standoff with China in Ladakh.
The Stockholm International Peace Research Institute currently ranks third in the list of countries that spend the most money on their military in the world. India announced a 13% increase in its war budget. And now it will spend a total of $73 billion.
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India’s Finance Minister Nirmala Sitharaman announces a budget of 550 billion dollars, in which 73 billion dollars have earmarked for defense.
The Economic Survey presented on Tuesday said the country’s growth for Financial Year 2023 is higher than all major economies.
He said in the survey: “Despite strong global warming and tighter domestic fiscal policy. If India is still expected to grow between 6.5 and 7.0 percent, and that too without the benefit of base effect, it is India’s core economy.” Resilience is a reflection of the economy’s ability to recover, renew and reinvigorate the drivers of growth.