Chidambaram warns on defence cuts
NEW DELHI (Reuters) - Finance Minister P. Chidambaram warned on Wednesday that cuts in the security budget could affect the country's defence preparedness and said he will spend more money on security when the economy recovers.
"A cutback on expenditure on defence or police will severely compromise our defence and security preparedness," Finance Minister P. Chidambaram said in a speech defending recent economic reforms aimed at reviving growth.
"It is therefore a self-evident truth that growth is the key to greater public welfare and greater security," he said in a speech on national security at a defence think-tank.
"Provided we can grow at a higher rate we can provide more money," he said.
Chidambaram has driven cuts in spending, including $1.9 billion to defence acquisitions, in an attempt to meet a tough fiscal deficit target, sources told Reuters last week.
(Reporting by Arup Roychoudhury)
- Tweet this
- Share this
- Digg this
- Jet Airways chairman says looking to restructure debts, talking to bankers
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- U.N.'s Pillay says Israel may be committing war crimes
- Nifty hits record high on foreign buying, higher Asian stocks
- Ukraine says pro-Russia rebels shoot down two fighter jets
The Nifty rose to a record high on Wednesday, led by gains in blue-chips such as ICICI Bank on continued foreign-investor buying, while higher Asian shares also helped sentiment. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Supreme Court could allow Sahara boss to conduct asset sale talks, company says. Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article