India's "Business Standard" cites an Ernst & Young reports that claims that Israel will become India's largest arms supplier. The report says that, at $6 billion in 2005-06, India is the world's largest importer of military hardware, ahead of Saudi Arabia and China. India's defense budget is $23 billion.
According to the report, Russia sells India $1.5 billion worth of arms a year. Israel sells $1 billion, and is expected to surpass Russia in sales.
The report adds that global arms sales reached $1.02 trillion in 2006, 3.5% more than in 2005. The report attributes the increase to the wars in Iraq and Afghanistan. The world's largest arm's market, the US, is projected to reach $1.01 trillion by 2040.
The report's findings are backed by this week's DefExpo 2008 Land and Naval Exhibition in New Delhi, in which many Israeli companies participated.
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2008
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