Pak Cauldron: Pakistan jacks up annual defence spending to Rs 495 billion!

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Agencies | Jun 3, 2011, 09.36pm IST / Times of India.

ISLAMABAD: Pakistan on Friday hiked its defence budget by nearly 12 per cent to Rs 495 billion (about USD 5.75 billion) for fiscal 2011-12. 

Official budget documents presented in parliament said defence spending will increase to Rs 495 billion for 2011-12, compared with Rs 442 billion in the fiscal year ending June 30. 

Further details were not immediately available. Reports had said that the military and the defence ministry had sought an outlay of more than Rs 500 billion but the figure was slashed by the finance ministry in view of a severe financial crunch and stagnant economic growth. 

I, sincerely, hope that both Pakistan and India should stop investing, heavily, in defense, against each other.

Instead that money can be invested into the primary health, education and inclusive economic growth.

Of course, some portion of the budget should be earmarked for defense against terrorism, till it is totally eradicated.

Full Story at,

http://timesofindia.indiatimes.com/world/pakistan/Pakistan-jacks-up-annual-defence-spending-to-Rs-495-billion/articleshow/8715501.cms