$2.77t budget for US

WASHINGTON: The White House proposed a $2.77 trillion budget boosting defence and homeland security spending while cutting many social programmes, with a projected deficit of $354 billion. President Bush’s budget for fiscal year 2007, would increase defence spending by 6.9 per cent to $439.3 billion. — AFP

Indian economy

NEW DELHI; India’s economy is forecast to expand by 8.1 per cent in the financial year ending in March 2006, outpacing the previous year, mainly driven by manufacturing and services. The growth in GDP during 2005-06 is estimated at 8.1 per cent as compared to the growth rate of 7.5 per cent during 2004-05. — AFP