Over the next 12 months, India is to spend $40bn on its defence forces and another $8bn on its police. This significant increase in the country's outlay coincidentally fills the gap that will be created in the global 'arms bazaar' by the US, which, although still the world's largest defence spender, will decrease its military spending by $478bn over the next decade. Those looking for a market in this period of recession should focus on Asia - India in particular.

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