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While the US continues to be the biggest spender in the defence segment, India, too, continues to be the fourth biggest spender in 2023, as in 2022. Expenditure towards capital outlay is on a faster ascent when compared with the other segments within the Indian defence space. With renewed focus on indigenisation post-Covid-19, dependency on foreign defence procurements has been stagnating since FY22, while exports have been on a sustained rise during the same period.
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