India is set to become the favourite market for global defence firms as it is expected to spend about $80 billion on defence acquisitions in the next five years, according to a report. While developed economies like the US and UK are cutting their expenditure on defence in 2010-11, India's spending in this regard is budgeted at $32 billion. Also, a dramatic increase in investments may be seen in the Gulf countries, a report by Deloitte noted. "India is likely to spend nearly $80 billion over the next five years (2010-15) on new capital acquisitions," the report noted.
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