According to a report published by IHS Markit, titled ‘2016 Jane’s Defence Budget Report’, India with defence budget (2015-16) of $ 50.7 billion became the 4th largest defence spender in the world. The defence budget of the county was $ 46.6 billion in last year, 2015.
On the top of the chart is United States with a humongous defence budget of $ 622 billion, followed by China at $ 191.7 billion. The UK took the 3rd spot at $ 53.8 billion. Saudi Arabia was ranked 5th with $ 48.8 billion and Russia 6th with $ 48.44 billion defence budget.
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The report also suggested that by 2018 India will overtake UK to become the 3rd largest defence spender. The increase in defence spending will primarily due to the modernisation drive that the Indian Armed Forces are about to undertake from 2017.
Principal Analyst for Asia-Pacific at IHS Janes, Craig Caffrey said, “Procurement spending has been constrained in India over the last three years as personnel costs have increased. However, what we expect to see from 2017 onwards 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 defence suppliers”.
It said that by 2020 India’s defence budget will reach to around $ 64 billion.
Information Source: deccanchronicle
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