Indian Prime Minister Narendra Modi's bid to transform his country into a global factory floor has produced billions of dollars of low-cost iPhones and pharmaceuticals. Now he hopes to add missiles, helicopters and battleships to the shopping carts of foreign governments.
The world's largest importer of weapons after Ukraine is expanding the ability of the state-owned Export-Import Bank (EXIM) to offer long-term, low-cost loans to clients, including those whose political or credit risk profiles may limit their access to conventional financing, according to two Indian officials and three industry sources.
New Delhi will also sharply increase the number of defense attaches in its foreign missions as part of a new program that will see the government directly negotiate some arms deals, four Indian officials said. India is particularly targeting governments that have long relied on Russia for arms, two of the people said.
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