To use funds more efficiently and effectively and enhance capital expenditure, the Defence Ministry has started working on a new budget model which is based on a five-year overall plan for military procurement, sources in the ministry said on Thursday.
The current budget for defence is Rs 3.18 lakh crore, which is, 1.6 percent of the Gross Domestic Product (GDP) which is said to be the lowest in many decades. According to experts, is the lowest since the 1962 war.
Sources said that the budget is now being made looking into a five-year modernisation plan and it is very important for the defence forces.
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