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Defence Budget sees 11.6% increase

With some major deals expected to be clinched this year, Government today substantially raised its defence Budget by 11.6 % to Rs 1,64,415 crore for 2011-12 from last year's Rs 1,47,344 crore. Of the total outlay, Rs 69,199 crore has been allocated for the acquisition of modern and new weapon systems, Finance Minister Pranab Mukherjee said, presenting the Budget in Lok Sabha. However, the hike is 8.47 % on the basis of revised estimates of Rs 1,51,582 crore for the same year. With several big ticket deals to likely to be finalised this year, the capital expenditure for defence forces ...