India has become the world’s fourth largest financier on defence, following increase in expenditure to $50.6 from $46.6 in its 2016-17 defense budget, according to US research firm IHS Markit on December 12.
The US, China and the UK remain on the top position, while India spotted 4th position in defence expenditure, followed by Saudi Arabia and Russia at fifth and sixth positions.
Last year, Russia was at 5th position it slipped to the sixth position in 2016. According to the reports overall global defence expenditure in the year 2016, amplified to $1.57 trillion.
Report also says that by 2018 India will become the third-largest in defence financier by overcoming the UK.
Since 2014, after coming of Modi government into the power, India has spent approximately Rs. 36,900 crore over defence. Report also revealed that, Indian Government have also increased Foreign Direct Investment limit for defence to 49%.
In September this year, India has also signed Rs. 58,000 crore contract to purchase 36 high-tech Rafale fighter jets from France and it’s said to be game charger in south Asia as neither Pakistan nor china have the this type of weapon.
However, by taking several steps and signing deals, Indian government is looking forward to enhance the defence sector.