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India has the third largest Army, the fourth largest Air force and the seventh largest Navy in the world. India is fifth on the list of the world’s biggest military spenders. Its military expenditure grew to $55.9 billion last year. India’s military expenditure increased by around 8.5 percent. (Source - SIPRI)
The Geopolitical realities has pushed India’s Defence budget and the spends upwards year on year. The defence sector thus has become an important and a growth sector for India. Although, India is one of the world’s top defence importers, the Government of India has made it a priority to create a robust defence industrial base under its ‘Make in India’ initiative. A self-reliant Indian Aerospace and Defence Sector is also crucial for the success of ‘Make in India’ initiative. The “Make in India” initiative has clearly been the guiding principles for changes in Defence Procurement Policy (DPP) and it reflects very clearly in the DPP released last year.