Defense Spending Grows But Not Enough To Overcome Inflation 

The Indian government has unveiled an interim budget, including a boost for defense spending, reports the Print (India).

On Friday, Railway Minister Piyush Goyal revealed the budget, including US$42.3 billion for defense, up from US$40 billion last year. Goyal made the announcement because Finance Minister Arun Jaitley is in the U.S. for medical treatment. 

More funds may be allocated if need be, said Goyal, without providing details.

The proposed budget increase of less than 2 percent might not keep up with inflation, noted the news site. 

Most of the funding will go to recurring costs and will not be available for new procurements, reported Bloomberg News. 

The Indian military is in the midst of a massive modernization effort to replace aging equipment and keep up with China and Pakistan.