Only 3% of the nation's GDP accounts for the military, and our current defence budget is around 8 billion dollars.
If we increase that to 7%-11% of our GDP, we can easily maintain a military budget of over 20 billion dollars.
This would dramatically allow us to procure 5th generation fighter jets, newer rifles (better than the outdated G3), establish adequate SAM's and Missile defence, and invest in research and technology that will allow us to produce military equipment and technologies indigenously.
Countries like Oman uses 11.4% of it's GDP, Qatar 10% of it's GDP, Saudi Arabia 10% of it's GDP, Iraq 8.6% of it's GDP, Jordan 8.6% of it's GDP, and the colonialistic entity called Israel 7.3% of it's GDP on military expenditures.
So why not Pakistan?
3% is far too little.
Source: List of countries by military expenditures - Wikipedia, the free encyclopedia
It does not make sense to increase defense spending without a strong economy to support such increases.
Besides, Pakistan government's total tax receipts and revenue account for only ten or eleven percent of GDP, vs 17% in India and 34% in US.
And Pakistan's economy is currently stagnant, and tax collection is down.
Tax evasion is rampant in Pakistan. The agriculture sector (i.e. feudal lords) is totally exempt from income taxes.
Haq's Musings: Comparing US and Pakistani Tax Evasion