India's union Defence minister AK Antony has hinted that the defense budget for financial year 2013-14 is likely to be cut by the government.
He said that both capital and revenue budgets might be cut for the financial year. Whilespeaking at the opening of the Aero India 2013, the minister said that spending cut is due to the global slowdown including that in developed nations.
He said that the government expenditure in 'priority areas' will not be reduced in the year. He also said that these priority areas will be chosen by the armed forces in the country without any interference of the ministry. He said that there will be no reduction in the operational preparedness of the armed forcesin the country.
The event was also attended by MoS for defence Jitendra Singh, Air Chief Marshal NAK Browne and other delegates. He added that HAL Intermediate Jet Trainer, Sitara will be manufactured by 2015 and will [participate in the next edition of the Aero Show.
More than 700 companies are expected to participate in Aero India 2013 in Bangalore. The organisers also said that 78 countries will send their delegations to the event compared to 45 countries in the previous year. India's main defence and civil-aviation event began in Bangalore on Wednesday.
- Scientists say death of a partner may cause an actual ‘heartbreak’
- Trump Criticizes Ford’s Move of Building a New Assembly Plant in Mexico
- Reportedly Pfizer and Allergan Plan to End Merger Deal with New Stricter Tax Rules
- Dollar Close to Its Seventeen Month Low Against the Yen
- Iceland’s Prime Minister Resigns after Panama Paper Leak