India is the world's largest defense importer, accounting for 15 percent of all global imports over the past five years. However, the primary source of these weapons may soon change. Russia has long had privileged access to the Indian market, providing some 70 percent of India's weapons in volume over the last half decade. However, even as India invests heavily in upgrading and modernizing its armed forces, several pending deals between Moscow and New Delhi have stalled. As a growing number of countries compete to sell their wares in India's robust arms market, the dominance of Russian defense manufacturers is quickly eroding. For Moscow, the decline comes at a particularly bad time: Russia's economy is struggling under the weight of foreign sanctions and the global drop in oil prices. Moscow has been forced to make sweeping budget cuts , and the previously anticipated spike in defense spending is now unlikely.