Defence spend likely to be 14-15% more next fiscal

With no major deals likely to be cleared in 2007-08, the defence ministry is expecting the outlay for the next fiscal to be just 14-15% more than the revised spend this year. It, however, is keen that its capital budget for the next fiscal goes up 20-25% compared with 2006-07.

Also, due to its inability to spend allocated funds, the defence ministry might surrender almost Rs 3,000 crore. “After considering all the expenses made during the year – the defence budget was a whopping Rs 89,000 crore – savings of Rs 3000 crore is expected,” said a source in the ministry.

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