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India Defence and Security Report 2017

India Defence and Security Report 2017

BMI View: India is one of the biggest defence spenders globally. The country has one of the world's largestarmed forces - much of which requires modernisation - and faces a range of external and internal securitythreats that drive investment into military personnel and equipment including terrorism, insurgencies,tensions with neighbouring Pakistan and China's growing assertion in the region. India remains reliant onimports to meet much of its armed forces' requirements for technologically advanced equipment; however,amid efforts to develop and expand the local defence industry under Prime Minister Modi's 'Make in India'initiative, we expect the country's huge defence trade deficit to gradually narrow over the coming decade.

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India's FY2017-18 budget proposal, announced in February 2017, amounts to INR2.76trn (USD42.6bn),a moderate 6% y-o-y increase in local currency terms. Of the total, 57% of spending (excluding pensions)has been allocated to the army, while the air force will receive 22%, the navy 14%, and the DefenceResearch and Development Organisation (DRDO) 6%. Around 30% of the budget is being spent oncapital acquisitions.


BMI Industry View
Table: Headline Defence Expenditure Forecasts (India 2017-2021)
SWOT
Defence Industry SWOT
Industry Forecast
Defence Expenditure
Table: Defence Expenditure (India 2015-2020)
Table: India (Defence Expenditure 2021-2026)
Defence Trade
Exports
Imports
Industry Risk Reward Index
Defence Industry Risk/Reward Index
Table: Asia Pacific - Defence Industry Risk Reward Index
Rewards
Risks
Market Overview
Defence Market Overview
Domestic Defence Sector
Domestic Defence Market
Armed Forces Overview
Armed Forces
Table: Armed Forces Personnel (India 2008-2013)
Table: Indian Armed Forces (IAF) - Overseas Deployments
Security Overview
Domestic Threats
Regional Threats
Company Profile
BAE-HAL
Bharat Dynamics (BDL)
Bharat Electronics (BEL)
Hindustan Aeronautics (HAL)
Honeywell International India
Ordnance Factories (OF)
Rolls-Royce International
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Sector-Specific Methodology
Table: Defence Risk/Reward Index Indicators
Weighting
Table: Weighting of Defence Risk Reward Index

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