Chidambaram warns on defence cuts

NEW DELHI Wed Feb 6, 2013 7:55pm IST

Finance Minister Palaniappan Chidambaram attends a news conference in Hong Kong January 22, 2012. REUTERS/Tyrone Siu/Files

Finance Minister Palaniappan Chidambaram attends a news conference in Hong Kong January 22, 2012.

Credit: Reuters/Tyrone Siu/Files

Related Topics

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage