India increases defence spending, invites foreign investment
New Delhi (AFP) July 10, 2014 - India announced Thursday it would lift the cap on foreign direct investment in the defence sector to 49 percent and announced a 12-percent rise in military spending as part of efforts to modernise its armed forces. In his first budget, Finance Minister Arun Jaitley raised defence spending for the current financial year to 2.29 trillion rupees ($38.3 billion), up from 2.03 trillion rupees bud ... more
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