A new report from IHS Jane’s estimates that India will outpace the United Kingdom, Japan and France to become the fourth largest defense spender in the world in less than ten years.
By 2020 the Indian defense budget is expected to grow to $65.4 billion. That level of spending will be behind only the U.S., China and Russia.
“We anticipate that India’s defense spend will overtake France in 2016, the UK in 2018, and Japan in 2020. By the end of the decade, India is expected to be spending up to USD 17.4 billion on the procurement of defense equipment each year,” Craig Caffrey, senior Asia Pacific analyst, IHS Jane’s Defence Budgets on Friday.
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