China is all set to increase its defense expenditure. As per the proposal presented by China’s People’s National Congress on Sunday, as compared to 2022, an increase of 7.2% has been made in the defense expenditure, and the analysts of Beijing have called this step reasonable and restrained. Now, the actual defense budget will increase to 225 billion dollars or around 18.56 lakh crore rupees, which is 3 times higher than India’s defense budget of around 6 lakh crore rupees.
This will be the 8th consecutive year when China has increased its budget in single digit, an it has set a target of completing its process of modernizing its army by 2035. Along with this, China, for the financial year 2023-24, has set the target of an economic development of 5%, which is among the lowest targets till now. Last year, the growth rate was just 3%.
At the same time, the USA is at the top as far as defense budgets are concerned, with an expenditure of 67 lakh crore rupees, which is 3 times higher than that of China. Japan, on the other hand, has increased its defense expenditure by 26.3% to 4.2 lakh crore rupees. Britain, France, Germany, and Australia too, are preparing to increase their defense budgets.