China announced biggest hike of 12.2 percent in defence budget
China announced a biggest hike of 12.2 percent in defence budget
China announced a biggest hike of 12.2 percent in defence budget on 5 March 2014. The hike of 12.2 percent will make the Chinese government spend 808.2 billion Yuan or 130 billion US dollar in 2014-15 on defence. This is the biggest increase in three years.
The estimated defence budget is 18 billion US dollars more than in 2013-14, when the budget rose by 10.7 percent. China is the second in place after the United States which spends more than 600 billion dollar in 2014.
China has been increasing the expenditure on defence since it seeks to increase its influence in the Asia Pacific. The hike, according to Chinese military, is the need to counter a high risk security environment in the china region which was recently marked by territorial tensions with many neighbours. The hike will comprehensively enhance the revolutionary nature of the Chinese armed forces, further modernize and upgrade and continue to raise their deterrence and combat capabilities.
India in its Interim Union Budget 2014-15 allocated 224000 crore rupees or 37.15 billion dollar for the national defence. The allocation represents 9.98 percent increase over the 2013-14 defence budget.