India’s defence budget for the year 2017-18 was 1.63% of GDP—the lowest in the past 50-odd years in terms of percentage of GDP. India has had the unique distinction of being the largest importer of defence equipment in the world for the past few years. Yet, India’s defence budget for the year 2017-18 was 1.63% of GDP—the lowest in the past 50-odd years in terms of percentage of GDP. That means that only 3.6% of the defence budget is available for the modernization of all three Armed Forces for an entire year. The investment thus made in defence manufacturing will benefit not only the Armed Forces, but the nation as a whole.

Source: Mint February 01, 2018 02:03 UTC