India | Defence Manufacturing Sector can create 1 million new Jobs

It is expected that India would become the third largest defence spender after the US and China by 2014. Equipment spending by MoD increased at 15% – 20% over the last five years, and is expected to continue growing at least in the mid-term. With several large equipment and modernization programs in the pipeline, analysts are projecting an overall spend of USD 80 – 100 Bn in the next 5 years. This makes India one of the world’s most lucrative markets for military products, and defence suppliers are gearing up to compete. There is an urgent need to leverage India’s defence buying clout while negotiating with Foreign OEMs and over any big project…

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