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.”
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.