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