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🎖️ Defence📈 Economics

Which one of the following statements is incorrect?

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Which one of the following statements is incorrect?
aIndia is the third largest importer of the defence equipment.
bIndia meets more than 50 per cent of its defence equipment through imports.
cDefence budget for 2015-2016 accounts for less than 2 per cent of the GDP.
dCertain financial powers are delegated to the Vice Chief of Army Staff for capital acquisitions.
✓ Correct answer: b) India meets more than 50 per cent of its defence equipment through imports.
ExplanationKey Concept: India tops the list of the largest buyer or importers of weapons / defence equipment by accounting for approximately 11 percent of the Global Market.Explanation: In recent researches, the biggest defense equipments exporter to India was France, which 36 percent of the year's total defense import.Russia followed closely by exporting around 35 percent of the Year total defense import.Hence, the correct option is Option (B) i.e, India meets more than 50 per cent of its defence equipment through imports.Additional Information: After India, Saudi Arabia follows closely in the list of largest importers of arms by accounting for 11 percent market share from 2017 to 2022.
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