The DefExpo 2008, the fifth biennial defence exhibition on land and maritime systems held recently in New Delhi, conveyed most emphatically India's growing clout in the international arms bazaar, albeit mostly as a buyer. The exhibition, which saw a record 475 participants, including 273 foreign companies from over 30 countries, was in full swing for four days and had global biggies showcase the comparative advantages of their products. With India emerging as a major customer with considerable financial power, the global companies left no stone unturned to make India a partner in their ventures to access its huge arms bazaar.
Gone are the days when India, constrained by limited resources and Cold War politics, depended significantly on the single-source, 'cheap' Soviet-era weaponry for its armoury. With the end of Cold War and the global political realignment, especially post-9/11, Indian security requirements are no longer viewed adversely by the West. The impressive growth story of the Indian economy and its global character have favourably moulded the West's perception of India, which increasingly sees its security interests broadening as the economy goes global. Indian policy makers, for the first time, feel an urgency to protect the country's economic interests through a concomitant enhancement of its military might. This is reflected by the continuous upward movement in recent years of India's defence and more importantly modernisation expenditure on its armed forces. The modernization drive of the security infrastructure, backed by the country's ability to pay, has seen India spending more than Rs. 80,000 crore on procurement of defence items in the last three years. Besides, if all future plans materialize then the total procurement budget would amount to a whopping Rs. 1,88,000 crore in the next five years. The huge potential of the Indian arms market is what makes it attractive to global companies who are constrained by shrinking defence spending in their domestic markets.
