India raises defense budget by 13 pct to $72.6 bln amid border tensions with China

India proposed on Wednesday 5.94 trillion rupees ($72.6 billion) in defense spending for the 2023-24 financial year, 13 percent up from the previous period’s initial estimates, aiming to add more fighter jets and roads along its tense border with China.

Finance Minister Nirmala Sitharaman allocated 1.63 trillion rupees for defense capital outlays -- an expenditure that would include new weapons, aircraft, warships and other military hardware, as she unveiled nearly $550 billion of total federal spending in the annual budget for 2023-24 starting in April.