India is one of the emerging nations and economies on Earth right now. They are growing and increasing as a global power, and this has been proven by recent news that they have increased their spending on defense. In fact, incredibly India has now surpassed Saudi Arabia and Russia when it comes to the money spent on defense, and as such, they have broken into the world’s top 5.
In seemed only a matter of time before the third-largest economy in Asia would finally start to flex their economic muscles. And this is a huge statement of intent for India. It’s not anything the world needs to worry about, and it’s not as though they’re amassing for war – if it were North Korea we’d be concerned! But, it does show that India is able to spend big alongside the big names when it needs to.
They spent $4 billion more this year on national defense than last year, a total of $50.5 billion. This now puts them 4th in terms of the world’s largest defense budget. They rank ahead of Russia and the Saudis, and behind only the USA, China, and the UK. Russia slipped down to 6th spot, which will be music to the ears of those who had been worried about WW3. Though, you shouldn’t forget the fact that Russia already boasts a formidable arsenal, while India is still developing theirs.
Spending has faced restrictions in India over the last few years because there’s been more of a focus on economy and personnel. But, a principal analyst for IHS Jane’s claimed that from 2017 onward we should expect to see ‘military modernization’ from India as a country. And over the next few years it’s thought that India will emerge as a growth market for defense suppliers. It’s thought that they will surpass the UK by 2018, a huge statement of intent from the nation.
Since 2014 the country has gone to great lengths to boost and bolster their defense facilities. Under the Prime Minister Narendra Modi, India kicked off 2014 spending over $5.5 billion on arms and ammunition. This year they also secured an agreement to buy 36 French fighter jets. It’s clear that Modi has big ambitions for the nation, and this can only be a good thing for India.
It will be a big next few years for India as they attempt to grow and restructure their military. They currently spend around 1.8% of their GDP on defense, and this will likely increase in the next few years. It is estimated that the nation will need to spend around $170 billion more on their defense to modernize and update it.
One thing is for sure, as a nation India is going places. They have seen great economic growth over the past decade, as well as developments in sports, education, tourism, and infrastructure. And now, with eyes on military and defensive growth as well, the country could emerge as a real global force in a few years time.