The Indian defense industry is one of the fastest-growing global defense markets. India's defence capital expenditure, which refers to the part of the defense budget that is spent on the acquisition of all types of military hardware and technology, grew at a CAGR of 5.8% over the review period and, in 2013, US$15.9 billion was allocated for defence capital expenditure in the budget. Defence expenditure is expected to record a CAGR of 13.4% during the forecast period, to reach a value of US$70.2 billion by 2018. This is primarily due to the fact that the country's aging military hardware and technology needs to be replaced in addition to building defence against domestic insurgencies and hostilities emanating from neighbouring countries.
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