India Spends Too Much On Its Defence

India is the largest importer of defence equipment in the world. Currently, India imports close to 70% of its weapons requirements largely from Russia, Israel, and more recently, the United States. The country‚Äôs defence expenditure will be around $112 billion by 2016. In July 2010, India signed a contract for six new submarines with Russia for $11 billion. It was the highest such contract in the south-Asia till now. Over the next one and a…