fourth-largest

India has broken into the world top-five defence spenders’ club. Asia’s third-largest economy spent $50.6 billion in 2016, up from $46.6 billion last year. India now has the fourth-largest defence budget, followed by Saudi Arabia and Russia, according to the 2016 Jane’s Defence Budgets Report, released by research firm IHS Markit on Dec. 12. While Russia was at the...