“India, the world’s largest importer of weapons and defense systems, spent $5.6 billion in 2013, according to the Stockholm International Peace Research Institute. Modi wants to spend more: Since taking power in May, he’s signed off on $20 billion in arms procurement proposals, about double the amount spent in the prior fiscal year. Harsh Pant, a professor at the India Institute of King’s College London, estimates the costs of modernizing India’s weaponry will run to $130 billion over the next seven years. ‘A lot of Western arms exporters would be interested in that,’ he says.”
Source: India’s Arms Race With China: Defense Contractors Will Be Big Winners – Businessweek
