India set to overtake Britain's defence budget by 2017: Report

India looks set to spend more on its defence budget than cash-strapped Britain within four years' time, according to a new report published on Wednesday.  International defence analysis firm IHS Jane's says that Britain's military budget is set to be outstripped by its former colony by 2017, as the country drops to sixth place from fourth in terms of global military spending. The UK will fall behind Russia in 2013 and slip further and come neck-and-neck with India by 2016. "The reality is that our armed forces' a…