LONDON, March 23 (UPI) -- British firm Visiongain predicts "rapid and dynamic" expansion in India's defense sector.
The Visiongain analytical report, "The Indian Defense Market 2012-2022," projects that that India will spend $38.51 billion on defense in 2012.
"Despite the continued existence of restraints on the market such as slow tender processes and a dominant state sector, huge opportunities exist for a wide variety of defense firms," the study reads.
"Those who are willing to work within the Indian government framework for indigenization of production will find themselves in a potentially long-term and lucrative arrangement."
The analytical report contains 89 tables, charts and figures that forecast the future of the Indian defense market through the next decade.
Besides Visiongain analysis, the report contains profiles of leading public, private, joint venture and international companies operating within the market and includes interviews with three experts in the field of Indian defense.