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Asia arms race may be overstated - defence analyst (Reuters via Yahoo! Philippines News) By Rob Taylor India's defence plan hit by inflation: Army chief (Hindustan Times) A hike of about 10 per cent in the annual defence budget this year notwithstanding, India's defence planning has been hit by inflation hovering at 11 per cent, Army chief General Deepak Kapoor said on Thursday. Inflation hits India's defence plan (rediff.com) The general said an analysis had revealed that for the first time since India-China war of 1962, defence budget of the country had fallen below two per cent of gross domestic product. To develop desired force capabilities, the military planner was, therefore, confronted with the dilemma of improving capital versus revenue ratio, Kapoor said, pointing out that it required simultaneous rightsizing ... India's defence plan hit by inflation: Army Chief (The Times of India) General Deepak Kapoor said with inflation hovering at 11 per cent, for the first time since India-China war in 1962, defence budget had fallen below two per cent of GDP. Mongolia ruling party wins vote-spokesman (Reuters via Yahoo! Singapore News) (Adds details in paragraphs 9-11, 13, 15-18) Venezuela?s Oil-Based Economy (Foreign Relations) Venezuela's proven oil reserves are among the top ten in the world . Oil generates about 80 percent of the country?s total export revenue, contributes about half of the central government?s income, and is responsible for about one-third of the country?s gross domestic product (GDP). Increases in world oil prices in recent years have allowed Venezuelan President Hugo Chavez to expand social ... Asia arms race may be overstated (Reuters via Yahoo! News) Asia's arms race may be overstated, with defense spending on the decline as a proportion of economic growth, pointing to an increasing sense of regional security, an Australian defense conference heard on Thursday. Mongolia ruling party wins vote: spokesman (Reuters via Yahoo! News) The ruling Mongolian People's Revolutionary Party (MPRP) has won parliamentary elections by a landslide, preliminary results showed on Thursday, after charges of election cheating sparked violence killing five people. Editorial Roundup (AP via Yahoo! News) Excerpts from recent editorials in newspapers in the United States and abroad: Defence budget lowest since 1962 war: Army chief (New Kerala) New Delhi, July 3 : Even as the Indian armed forces are undertaking a modernisation drive to maintain their deterrent capability, this year's defence budget has slumped to below two percent of the GDP - the first time this has happened since the 1962 India-China war. |
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