A K Antony: Defence budget spiked by global financial crisis

According to the defence minister, "the acquisitions will be prioritized. There will be no compromise on security of the nation. In other areas we might push back certain areas."

Earlier in the morning, kicking off Asia's biggest aerospace exposition here today, Antony said the focus of the country is achieving self-reliance in the defence sector.

Under the Rs 1.93 lakh crore budget, Rs 1,13,829 crore is for revenue expenditure including salaries and pensions and Rs 79,579 crore was allocated for modernising the armed forces by acquiring new assets.

"Self-reliance in defence area is our focus area," he said in his inaugural address at the biennial event at Yelahanka Airbase organized by MoD and managed by FICCI.

"We want to create a strong defence industrial base in the country," he said.

He stated that India has put in place a roadmap in the form of defence production policy and is encouraging the country's public and private sector industries to become active partners in such endeavours.

Aero India 2013 will project India's emergence as a fast-growing and an attractive market, as well as a key outsourcing hub for global aerospace firms, he added.

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