What is the India’s rank in the defence spending, according to the recently published 2016 IHS Jane’s Defense Budgets Report?

India is at 4th position in the list of top 10 defence spenders in the world, according to the recently published annual Jane’s Defense Budgets Report by research firm IHS Markit. As per the report, India’s defence budget was $50.7 billion in 2016, up from $46.6 billion in 2015. The worldwide outlook shows that global defense spending rose by 1% to $1.6 trillion in 2016, against 0.6% in 2015. The report has also estimated that India will surpass the UK in defence spending by 2018.