Despite an urgent need, India keeps fighter jet makers waiting for decades

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.