“A recently released study by defense research company IHS notes that India conceded its position as the world’s top arms exporter — a superlative it had held for several years running — to Saudi Arabia in 2014. Saudi spending on arms last year stood at $6.5 billion while India spent $5.8 billion on its needs. IHS predicts that the trend will be lasting. Saudi Arabia, according to the report, will spend $9.8 billion in 2015, accounting for a seventh of worldwide expenditure on arms imports. Global defense trade rose to a record $64.4 billion, representing the sixth consecutive year-on-year increase, according to the same report.”
Source: India No Longer the World’s Top Arms Importer | The Diplomat
