India to spend $80 billion for defence by 2015

New Delhi, Jul 20: A new report revealed that India's defence spending will touch about 80 billion dollars by 2015.

The report by a consulting firm, Deloitte, says that India's spending in defence will creat opportunities for global aerospace and defence (A&D) companies.

"Defence spending in India and Middle East is expected to rise dramatically. India is likely to spend nearly $80 billion over the next five years (2010-15) on new capital acquisitions," report explained.

India's defence procurement for fiscal 2010-11 is budgeted at $32 billion, including $13 billion for acquisitions for new weapon systems, equipment and services.

The report also told that US and Britain, traditionally big spenders on defence-related equipment and technologies, have cut expenditure on defence.

OneIndia News