FICCI: India's private defence sector will not be affected by economic downturn
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  • Vivek Pandit, Director of FICCI (Federation of Indian Chambers of Commerce and Industry) told Janes that India’s private defence sector would be least affected by the global economic slow down. Mr. Pandit pointed out that although India’s economic growth rate had declined from 8 per cent, it is strongly believed that the country would maintain 6.5 to 7 per cent growth rate in the coming year and so the private sector, which was less integrated with the world, would maintain its growth pattern. It is estimated that private sector controls about 9 per cent of the total procurement budget of $7.6 billion1.