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…

Indian Economy: 2009 Vs. 2010

…and the fourth largest economy in the world by purchasing power parity (PPP). India was under social democratic based government under 1947 to 1991. This economy was based on public ownership and protectionism with slow growth rate. Since 1991, India changed its policy and reformed it to a market-based economy. The currency of India is the Indian Rupee. As of 30th Dec 2010, 44.8 INR equals to 1 USD and 1 EUR equals 59.34 INR. The major stock exc…