New Delhi: NDA Government plans to spend 2.46 trillion rupees (USD 40 billion) on the defence sector in 2015/16, Finance Minister Arun Jaitley said on Saturday, when presenting the government’s full-year budget.
‘Allocation for Defence for next financial year will be Rs 2,46,727 crore against Rs 2,22,370 crore in the current year,” Jaitley said in Lok Sabha.
Jaitley said growth in the next financial year will rise to 8-8.5 percent and clock double-digit level in the subsequent years.
“Growth in 2015-16 is expected to be between 8-8.5 percent. Aiming for a double digit rate seems feasible very soon,” he said while presenting the Budget for 2015-16 in the Lok Sabha.