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Aerospace & Defense Industries

Arms makers sign $8bn in deals with India amid regional strife

PM Modi's local production drive draws interest despite slow spending growth

Despite modest spending growth in recent years, India remains the world's second-largest arms importer, behind only Saudi Arabia.   © Reuters

LUCKNOW, India -- Military equipment makers are eager to expand in India, the world's second-largest arms importer. Their enthusiasm was evident at a recent trade show, where memorandums of understanding worth $8 billion were signed, a fourfold increase from just two years ago.

The Stockholm International Peace Research Institute, a Swedish think tank, estimates that India alone accounted for 9.5% of global weapons imports for the five years through 2018, behind only Saudi Arabia. India's defense budget for the fiscal year 2019-20 ending March stood at $70 billion, up 5.2% from a year earlier.

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