Temporary Plateau For Indian Defense Spending

The Indian defense budget for fiscal 2012 (April 2012-March 2013), adjusted for the 12.9% decline in the value of the rupee to the dollar last year, is less than 2011 in real terms. Plans are to allocate $36 billion, or 2.6% of GDP, to defense this year. In 2011, the budget was $35.2 billion, or 2.03% of GDP ...