India to miss its own defense spending target

April 04, 2012 12:57

Another report on the armed forces...

India will miss its own target of buying 70% of its defense equipment locally over the next decade due to a lack of local capability combined with bureaucracy and corruption, according to a new report by information provider IHS Jane's.

Instead it will likely only be able to remain at current levels of 30%, meaning some $137 billion of the $195 billion India plans to spend on defense equipment between 2013 and 2022 will go to foreign firms.

Read the WSJ report

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