Controversies, cancelled orders and general inaction have meant that India is today the world's largest arms importer
Amid hopes that the new National Democratic Alliance government at the Centre will bring the growth momentum back in the economy, the Indian corporate sector is keenly watching one area: Defence. Over the past several years, despite policy pronouncements about the need for Indian companies to have a greater role in manufacturing much-needed defence equipment, little has moved. Controversies, cancelled orders and general inaction have meant that India is today the world’s largest arms importer, and needs to spend an estimated $250 billion over the next 10 years to modernise its rickety defence equipment if it is to try and catch up with the might of China.
(This story appears in the 03 October, 2014 issue of Forbes India. To visit our Archives, click here.)