Includes bibliographical references and index.

1. Planning for India’s Defence 2. Bang for the Buck: India’s Defence Expenditure since Independence 3. The Defence-GDP Debate 4. Towards a Vibrant Defence Industrial Base 5. Reforming India’s Defence Procurement 6. Offsetting India’s Arms Import 7. Conclusion: Managing India’s Defence Economy

As the fourth largest military spender in the world, India has a huge defence economy with a budget amounting to nearly $67 billion in 2020-21. This book examines how well India's defence economy is managed, through a detailed statistical exposition of five key themes - defence planning, expenditure, arms production, procurement, and offsets. The book is based on hard-core evidence collected from multiple government and other credible sources including the ministries of Defence, Finance, and Commerce and Industry, Comptroller and Auditor General of India, and Reserve Bank of India. It discusses key issues such as the evolution of India's defence plan; the feasibility of increasing defence spending; India's defence acquisition system; and the recent reform measures taken under the rubric of the 'Make in India' initiative. Well supplemented with original tables and figures, the volume will be indispensable to students and researchers of defence and security studies, politics and international relations, finance, development studies, economics, strategic studies, South Asian politics, foreign policy and peace studies. It will also be of interest to defence ministry officials, senior armed forces personnel, military attaches, defence training institutes, and strategic think tanks".