India Saturday raised its annual defense budget by 9.87 percent over the previous fiscal year to 2, 467.26 billion rupees (US$37.8 billion).

In presenting the budget as part of the national budget, Finance Minister Arun Jaitley said more emphases would be put on developing domestic defense equipment manufacturing in line with the "Make in India" scheme, a brain child of the Bharatiya Janata Party (BJP) government.

Indian Prime Minister Narendra Modi said recently that India intends to build a strong defense industry for modernizing its armed forces.

India largely relies on arms import for its defense.

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