India to Become 3rd Largest Military Spender in 2018

According to the latest Jane’s Report, released by research firm IHS Markit on Dec. 12, India will become the world’s third largest military spender in 2018 surpassing UK and Saudi Arabia which currently occupy the third and fourth places.

Craig Caffrey, principal analyst, IHS Jane’s said, “What we expect to see from 2017 onward is a military focused on modernization. India needs new equipment to fulfill its modernization drive. Over the next three years, India will re-emerge as a key growth market for defense suppliers.”

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The first and second spot will continue to be occupied by the U.S. with $622.3 billion and China with $191.75 billion, the report added.

India’s government raised foreign direct investment limit for the sector to 49%, helping Indian private firms to partner with multinational defense companies. India needs to spend some $130 billion to modernize its military over the next seven years, reports Defense World.

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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