India Moves to Economic Austerity Policy

India Moves to Economic Austerity Policy 4 May, 2020

India, which is facing a financial crisis due to the impact of the COVID-19 outbreak on the economy, will prioritize the purchase of locally produced defence equipment than the use of imported materials.  Indian Prime Minister Narendra Modi will give a "high priority" to locally designed, developed and manufactured (Indian-designed, developed and manufactured/ IDDM) equipment. Modi aims to increase the country's defence exports to “mitigate "the economic stagnation caused by a coronavirus.

With an expenditure of $71.1 billion in 2019, India has emerged as the third-largest military spender in the world, just behind the US and China.

Issue 86