In the world of multibillion dollar defense contracts, India stands out.
Home to one of the biggest armed forces on the planet, the country has an uneasy co-existence with neighbors Pakistan and China. Its rapidly aging fighter jets make it a lucrative potential prize for the likes of Lockheed Martin Corp. and Boeing Co. While India wants to upgrade its fleet, there’s one big road block: New Delhi’s famed red tape.
The country — the world’s biggest arms importer, with an annual defense budget of $43 billion — has been dangling a potential $15 billion fighter jet deal for more than a decade, with Lockheed and Boeing, the world’s two largest contractors, vying for the chance to refit India’s air force.
