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    Post India hikes defence spending to $40bn

    NEW DELHI: India on Friday boosted military spending by 17 percent to $40 billion for the coming year as it seeks to counter China's rapid military build-up and its traditional rival Pakistan.The government, engaged in a massive programme to upgrade the country's ageing military hardware, increased defence spending to $40 billion for the financial year to March 31, 2013."This allocation is based on present needs and any further requirement will be met," Finance Minister Pranab Mukherjee told law... more

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