India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.
The country's new economic roadmap highlights the importance of creating a virtuous cycle of investment, savings and exports in order to sustain rapid economic growth over the next five years.
The BJP still does not have a majority in Upper House of Parliament, the Rajya Sabha, and this will pose hurdles to the party's legislative reform agenda
The US, China and the UK remain the top three defence spenders while India has the fourth largest military budget, followed by Saudi Arabia and Russia, according to the '2016 Jane's Defence Budgets Report', released by research firm IHS Markit.
Faced with allegations that included bribery and violation of sovereignty, Park was accused of colluding with Choi to secure millions of dollars in bribes from the country's biggest enterprises and allowing Choi, a civilian, to interfere in state affairs. Park had apologized, but denied any wrongdoing.
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