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India is World's Fourth Biggest Defense Spender: IHS Markit

Charissa Echavez   |

Dec 13, 2016 07:58 AM EST

India is one of the top five defense spenders in the world with a total expenditure of $50.6 billion in 2016, up from $46.6 billion in 2015. It now has the fourth biggest defense budget next to Saudi Arabia and Russia, based on the 2016 Jane's Defence Budgets report, released by IHS Markit research firm on Dec. 12.