There is this one industry which seldom witnesseses a recession. In the last one decade, this industry has grown threefold in India. But private Indian companies couldn't make much dough out of it because this space was highly restricted. Can you guess which industry this is? If you haven't guessed yet, we are referring to the defence industry. Did you know India is the world's largest importer of weapons? Of our US$ 35 bn defence budget, about 70% is spent on imports. India is also the 7th largest spender on defence in the world. Last year, the Indian government revised its military procurement policy. This opened up the defence industry to the private sector. Currently, the private sector companies account for just 10% of the defence budget. However, this is set to rise significantly as the government has further revised the rules to the advantage of local players. Several major Indian business houses are vying to grab a pie of this lucrative market. This new opportunity certainly comes as a big relief for Indian companies that are battling a slowdown in the domestic economy.