- Defense Secretary Chuck Hagel landed in New Delhi today with the aim of bringing down U.S. weapon trade barriers with India. India relies on purchases from abroad for 70% of its arms, and surpassed China in 2010 to become the world’s largest weapons importer.
- Among Hagel’s goals will be preparing the groundwork for the next 10-year U.S.-India framework for defense ties before the current agreement expires in 2015.
- The new Modi government increased defense spending by 12% in July to 2.3T rupees ($40B), but many restrictions on foreign arms imports still remain.
- Related stocks: BA, LMT, RTN
From other sites
at CNBC.com (Apr 9, 2015)
Video at CNBC.com (Mar 16, 2015)
at CNBC.com (Mar 12, 2015)
Video at CNBC.com (Mar 12, 2015)
at CNBC.com (Feb 23, 2015)
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