India surpassed China as the largest Arms Importer in the World

According to a report published in March 2012 by the Stockholm International Peace Research Institute (SIPRI), India topped China as the largest importer of arms during 2007-11 and accounted for 10 per cent of global arms import as compared to Chinese share of five per cent.

The report mentioned China, which was the largest importer of arms during 2002-2006, slipping to fourth spot in 2007-11 given the significant advancement in China’s arms industry and increased arms exports.

India has taken numerous measures to modernise its armed forces in the past ten years. The country has signed several deals to procure military hardware such as 10 C-17 strategic lift aircraft, six C-130 Super Hercules Special Operations aircraft, additional Sukhoi-30 MKI fighter jets along with several warships.

The report revealed the countries from Asia and Oceania as the leading arms importers as they accounted for 44 per cent of arms imports followed by Europe, the Middle East, the Americas and Africa which accounted for 19 per cent, 17 per cent, 11 per cent and 9 per cent of total arms imports respectively.

In the budget presented in the parliament for the fiscal year 2012-13, the Finance Minister announced to increse India's defence budget by 17 per cent and doled out 1.93 trillion Indian rupees for the defence purpose. Of this outlay, 41 percent has to be spent on procuring modern weapons systems and military hardware.