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MOSCOW (BNS): Russian Prime Minister Vladimir Putin has announced a 30 per cent increase in the budget allocation for the development and advancement of the national rocket and space industry.

"From the perspective of the country's defensive capacity the rocket and space industry...is an absolute priority along with the nuclear industry and its military branch," a Ria Novosti report quoted him as saying during a meeting on Saturday with scientists from Penza's Research Institute of Physical Measurements.

He stated that the industry has shown an 18 percent growth despite the consequences of the global financial crisis, and said about 153 billion rubles will be allocated to the national rocket and space industry in 2011, according to the report.

The report also quoted him as saying that the Russian defence industry complex is globally competitive. "We have the absolute competitive advantage in rocket engineering, many of our partners lag behind us, but in several spheres we have to catch up."