India is seeking both to modernize and expand its military forces. It has dramatically increased its military budget, up over 34% alone this year. India now has the 10th-highest military spending in the world. It's becoming a major market for U.S. arms sales. U.S. weapons makers Lockheed Martin and Boeing have already racked up deals worth billions of dollars. But the real bonanza is still to come. India is said to be planning to spend as much $55 billion on weapons over the next five years.