Future of the Indian Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2020

Table Of Contents
1 Introduction
1.1. What is this Report About?
1.2. Definitions
1.3. Summary Methodology
1.4. SDI Terrorism Index
1.5. About Strategic Defence Intelligence
2 Executive Summary
3 Market Attractiveness and Emerging Opportunities
3.1. Defense Market Size Historical and Forecast
3.1.1. Indian defense budget expected to be US$246.8 billion cumulatively over 2016-2020
3.1.2. Modernization initiatives, hostile neighbors and territorial disputes will be the industry's primary growth drivers
3.1.3. Defense budget as a percentage of GDP will remain at an average of 1.7% over the forecast period
3.2. Analysis of Defense Budget Allocation
3.2.1. Capital expenditure allocation expected to increase over the forecast period
3.2.2. Army continues to get the largest share of the defense budget
3.2.3. Defense ministry will spend US$127.7 billion on its army over the forecast period
3.2.4. Indian MoD is projected to spend US$62.2 billion on its air force over the forecast period
3.2.5. Expenditure for the navy is expected to grow at a CAGR of 6.43% over the forecast period
3.2.6. Per capita defense expenditure is expected to increase over the forecast period
3.3. Homeland Security Market Size and Forecast
3.3.1. India is projected to spend US$58.8 billion cumulatively on homeland security over the forecast period
3.3.2. Homeland security is expected to be driven by cross-border terrorism and domestic conflicts
3.3.3. India falls under "worst affected" of terrorism category
3.3.4. India has terrorism index score of 5.1
3.4. Benchmarking with Key Global Markets
3.4.1. India's defense budget expected to grow at a CAGR of 9.83%
3.4.2. The US and China dominate the global defense industry
3.4.3. India allocates a lower share of its GDP for defense than other Asian countries
3.4.4. India faces significant threat from foreign terrorist organizations
3.5. Market Opportunities: Key Trends and Growth Stimulators
3.5.1. Multi-role Aircraft
3.5.2. Infrastructure Construction
3.5.3. Diesel electric Submarine
3.5.4. Surface to Air Missiles
3.5.5. Multi-mission and maritime helicopter
4 Defense Procurement Market Dynamics
4.1. Import Market Dynamics
4.1.1. India was the biggest arms importer during 2010-2014
4.1.2. Russia dominates Indian arms imports
4.1.3. Aircraft accounted for the majority of defense imports during 2010-2014
4.2. Export Market Dynamics
4.2.1. India's low profile in defense exports is set to change over the forecast period
4.2.2. Underdeveloped nations across Asia, Africa and Latin America are the main importers of Indian defense goods
5 Industry Dynamics
5.1. Five Forces Analysis
5.1.1. Bargaining power of supplier: low to high
5.1.2. Bargaining power of buyer: high
5.1.3. Barrier to entry: medium to high
5.1.4. Intensity of rivalry: high
5.1.5. Threat of substitution: medium to high
6 Market Entry Strategy
6.1. Market Regulation
6.1.1. Defense Procurement Procedure (DPP) - 2011: A significant improvement
6.1.2. Offset policy to drive defense industrial modernization
6.1.3. Main features of revised Defense Offset Guidelines (DOG) - 2012
6.1.4. Private sectors permitted to produce arms and ammunition under the new Draft Arms and Ammunitions Manufacturing Policy (DAAM)
6.1.5. Payment to foreign technology partners does not require governmental approval
6.1.6. Foreign direct investment (FDI) increased to 49% in the Indian defense sector
6.2. Market Entry Route
6.2.1. Foreign OEMs are forming joint ventures in order to enter the market
6.2.2. India emerges as a key outsourcing hub for global defense companies
6.3. Key Challenges
6.3.1. Offset policy is biased towards the domestic public and private sectors
6.3.2. Insufficient information and transparency on future plans
6.3.3. Bureaucracy, corruption, and long project delays
6.3.4. Developing advanced low-cost solutions is essential to gain market share
7 Competitive landscape and Strategic Insights
7.1. Competitive landscape Overview
7.1.1. Domestic public companies have a strong presence in the Indian defense industry
7.2. Key Foreign Companies
7.2.1. Lockheed Martin Corporation - overview
7.2.2. Lockheed Martin Corporation - main products
7.2.3. Lockheed Martin Corporation - recent announcements and strategic initiatives
7.2.4. Lockheed Martin Corporation - alliances
7.2.5. Lockheed Martin Corporation - recent contract wins
7.2.6. BAE Systems Plc. - overview
7.2.7. BAE Systems Plc. - main products and services
7.2.8. BAE Systems Plc. - recent announcements and strategic initiatives
7.2.9. BAE Systems Plc. - alliances
7.2.10. BAE Systems Plc. - recent contract wins
7.2.11. Thales - overview
7.2.12. Thales - main products and services
7.2.13. Thales - recent announcements and strategic initiatives
7.2.14. Thales - alliances
7.2.15. Thales - recent contract wins
7.2.16. Boeing - overview
7.2.17. Boeing - main products and services
7.2.18. Boeing - recent announcements and strategic initiatives
7.2.19. Boeing - alliances
7.2.20. Boeing - recent contract wins
7.3. Key Public Sector Companies
7.3.1. Mazagon Docks Limited - overview
7.3.2. Mazagon Docks Limited - main products and services
7.3.3. Mazagon Docks Limited - recent announcements and strategic initiatives
7.3.4. Mazagon Docks Limited - alliances
7.3.5. Mazagon Docks Limited - recent contract wins
7.3.6. Mazagon Docks Limited - Financial analysis
7.3.7. Hindustan Aeronautics Limited - overview
7.3.8. Hindustan Aeronautics Limited - main products and services
7.3.9. Hindustan Aeronautics Limited - recent announcements and strategic initiatives
7.3.10. Hindustan Aeronautics Limited - alliances
7.3.11. Hindustan Aeronautics Limited - recent contract wins
7.3.12. Hindustan Aeronautics Limited - Financial analysis
7.3.13. Bharat Electronics Limited - overview
7.3.14. Bharat Electronics Limited - main products and services
7.3.15. Bharat Electronics Limited - recent announcements and strategic initiatives
7.3.16. Bharat Electronics Limited - alliances
7.3.17. Bharat Electronics Limited - recent contract wins
7.3.18. Bharat Electronics Limited - Financial analysis
7.3.19. Bharat Dynamics Limited - overview
7.3.20. Bharat Dynamics Limited - main products and services
7.3.21. Bharat Dynamics Limited - recent announcements and strategic initiatives
7.3.22. Bharat Dynamics Limited - alliances
7.3.23. Bharat Dynamics Limited - recent contract wins
7.3.24. Bharat Dynamics Limited - Financial analysis
7.3.25. Ordnance Factory Board - overview
7.3.26. Ordinance Factory Board - main products and services
7.3.27. Ordinance Factory Board - recent announcements and strategic initiatives
7.3.28. Ordinance Factory Board - alliances
7.3.29. Ordinance Factory Board - recent contract wins
7.3.30. BEML - overview
7.3.31. BEML - main products and services
7.3.32. BEML - recent announcements and strategic initiatives
7.3.33. BEML - alliances
7.3.34. BEML - Financial analysis
7.3.35. Goa Shipyard Limited - overview
7.3.36. Goa Shipyard Limited - main products and services
7.3.37. Goa Shipyard Limited - recent announcements and strategic initiatives
7.3.38. Goa Shipyard Limited - alliances
7.3.39. Goa Shipyard Limited - recent contract wins
7.3.40. Goa Shipyard Limited - Financial analysis
7.4. Key Private Sector Companies
7.4.1. Tata Advanced Systems Limited - overview
7.4.2. Tata Advanced Systems Limited - main products and services
7.4.3. Tata Advanced Systems Limited - recent announcements and strategic initiatives
7.4.4. Tata Advanced Systems Limited - alliances
7.4.5. Tata Advanced Systems Limited - recent contract wins
7.4.6. Mahindra Defence Systems - overview
7.4.7. Mahindra Defence Systems - main products and services
7.4.8. Mahindra Defence Systems - recent announcements and strategic initiatives
7.4.9. Mahindra Defence Systems - alliances
8 Business Environment and Country Risk
8.1. Demographics and Social Statistics
8.1.1. Population -Total rural population
8.1.2. Population - Total urban population
8.1.3. Population - Number of Households
8.2. Economic Performance
8.2.1. GDP Per Capita, USD
8.2.2. GDP (current USD Billion)
8.2.3. Exports of goods and services (current USD Billion)
8.2.4. Imports of goods and services (current USD Billion)
8.2.5. Gross National Disposable Income (USD Billion)
8.2.6. Manufacturing Output (USD Billion)
8.2.7. Consumer Price Index
8.2.8. Wholesale Price Index
8.2.9. LCU per USD (period average)
8.2.10. LCU per EUR (period average)
8.2.11. Lending Rate (%)
8.2.12. Real Interest Rate (%)
8.2.13. Market Capitalization of Listed Companies (USD Billion)
8.2.14. Market Capitalization of Listed Companies (% of GDP)
8.2.15. Total Government Cash Surplus/Deficit (LCU Billion)
8.2.16. Total Government cash surplus/deficit as % of GDP (LCU)
8.2.17. Central Government Debt (LCU Billion)
8.2.18. Central Government Debt as a percentage of GDP (LCU)
8.2.19. Goods exports as a percentage of GDP
8.2.20. Goods imports as a percentage of GDP
8.2.21. Goods balance as a percentage of GDP
8.2.22. Services imports as a percentage of GDP
8.2.23. Services Exports as a percentage of GDP
8.2.24. Services balance as a percentage of GDP
8.2.25. International reserves, including gold (USD Billion)
8.2.26. External debt as percentage of GDP
8.3. Energy and Utilities
8.3.1. Total Conventional Thermal Electricity Net Generation (Billion Kilowatt hours)
8.3.2. Hydroelectricity Net Generation (Billion Kilowatt hours)
8.3.3. Nuclear Electricity Net Generation (Billion Kilowatt hours)
8.3.4. Total Conventional Thermal Electricity Installed Capacity (Million Kilowatts)
8.3.5. Total Electricity Exports (Billion Kilowatt hours)
8.3.6. Total Electricity Imports (Billion Kilowatt hours)
8.3.7. Proved Reserves of Natural Gas (Trillion Cubic Feet)
8.3.8. Total Petroleum Consumption (Thousand Barrels Per Day)
8.3.9. Crude Oil Proved Reserves (Billion Barrels)
8.3.10. Total Non-Hydro Renewable Electricity Net Generation (Billion Kilowatts)
8.4. Infrastructure Quality and Availability
8.4.1. Rail lines (total route - km)
8.4.2. Air transport, freight (million ton-km)
8.5. Minerals
8.5.1. Mining, Manufacturing, and Utilities Output (USD Bn)
8.6. Technology
8.6.1. Patents granted
8.7. Telecommunication
8.7.1. Telephone lines (In Mn)
8.7.2. Telephone Lines Penetration Rate (per 100 people)
9 Appendix
9.1. About SDI
9.2. Disclaimer
List Of Tables
Table 1: Indian Defense Expenditure (US$ Billion), 2011-2015
Table 2: Indian Defense Expenditure (US$ Billion), 2016-2020
Table 3: Indian Defense Expenditure (INR Billion), 2011-2015
Table 4: Indian Defense Expenditure (INR Billion), 2016-2020
Table 5: Indian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2011-2015
Table 6: Indian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2016-2020
Table 7: Indian Defense Budget Split Between Capital and Revenue Expenditure (%), 2011-2015
Table 8: Indian Defense Budget Split Between Capital and Revenue Expenditure (%), 2016-2020
Table 9: Indian Defense Budget Split (%), 2011-2015
Table 10: Indian Defense Budget Split (%), 2016-2020
Table 11: Indian Defense Expenditure for Army (US$ Billion), 2011-2015
Table 12: Indian Defense Expenditure for Army (US$ Billion), 2016-2020
Table 13: Indian Defense Expenditure for Army (INR Billion), 2011-2015
Table 14: Indian Defense Expenditure for Army (INR Billion), 2016-2020
Table 15: Indian Defense Expenditure for Air Force (US$ Billion), 2011-2015
Table 16: Indian Defense Expenditure for Air Force (US$ Billion), 2016-2020
Table 17: Indian Defense Expenditure for Air Force (INR Billion), 2011-2015
Table 18: Indian Defense Expenditure for Air Force (INR Billion), 2016-2020
Table 19: Indian Defense Expenditure for Navy (US$ Billion), 2011-2015
Table 20: Indian Defense Expenditure for Navy (US$ Billion), 2016-2020
Table 21: Indian Expenditure for Navy (INR Billion), 2011-2015
Table 22: Indian Expenditure for Navy (INR Billion), 2016-2020
Table 23: Indian Per Capita Defense Expenditure (US$), 2011-2015
Table 24: Indian Per Capita Defense Expenditure (US$), 2016-2020
Table 25: Indian Homeland Security Budget (US$ billion), 2011-2015
Table 26: Indian Homeland Security Budget (US$ billion), 2016-2020
Table 27: Indian Homeland Security Budget (INR Billion), 2011-2015
Table 28: Indian Homeland Security Budget (INR Billion), 2016-2020
Table 29:Benchmarking with Key Markets - 2011-2015 vs. 2016-2020
Table 30: SDI Research Terrorism Index
Table 31: Offset Policy in India
Table 32: Market Entry Strategies and Key Objectives of Foreign Companies in the Indian Defense Sector
Table 33: Key Players and their Operations in the Indian Defense Industry
Table 34: Scale of Operations of Domestic Public Sector Companies in the Indian Defense Industry
Table 35: Lockheed Martin Corporation - Main Products
Table 36: Lockheed Martin Corporation - Alliances
Table 37: Lockheed Martin Corporation - Recent Contract Wins
Table 38: BAE Systems Plc. - Main Products and Services
Table 39: BAE Systems Plc. - Alliances
Table 40: BAE Systems Plc. - Recent Contract Wins
Table 41: Thales - Main Products and Services
Table 42: Thales - Alliances
Table 43: Thales - Recent Contract Wins
Table 44: Boeing - Main Products and Services
Table 45: Boeing - Alliances
Table 46: Boeing - Recent Contract Wins
Table 47: Mazagon Docks Limited - Main Products and Services
Table 48: Mazagon Docks Limited - Alliances
Table 49: Mazagon Docks Limited - Recent Contract Wins
Table 50: Hindustan Aeronautics Limited - Main Products and Services
Table 51: Hindustan Aeronautics Limited - Alliances
Table 52: Hindustan Aeronautics Limited - Recent Contract Wins
Table 53: Bharat Electronics Limited - Major Products and Services
Table 54: Bharat Electronics Limited - Alliances
Table 55: Bharat Electronics Limited - Recent Contract Wins
Table 56: Bharat Dynamics Limited - Main Products and Services
Table 57: Bharat Dynamics Limited - Alliances
Table 58: Bharat Dynamics Limited - Recent Contract Wins
Table 59: Ordinance Factory Board - Main Products and Services
Table 60: Ordinance Factory Board - Alliances
Table 61: Ordinance Factory Board - Recent Contract Wins
Table 62: BEML - Main Products and Services
Table 63: BEML - Alliances
Table 64: Goa Shipyard Limited - Main Products and Services
Table 65: Goa Shipyard Limited - Alliances
Table 66: Goa Shipyard Limited - Recent Contract Wins
Table 67: Tata Advanced Systems Limited - Main Products and Services
Table 68: Tata Advanced Systems Limited - Alliances
Table 69: Tata Advanced Systems Limited - Recent Contract Wins
Table 70: Mahindra Defence Systems - Main Products and Services
Table 71: Mahindra Defence Systems - Alliances
List Of Figures
Figure 1: Indian Defense Expenditure (US$ Billion), 2011-2015
Figure 2: Indian Defense Expenditure (US$ Billion), 2016-2020
Figure 3: Indian Defense Expenditure (INR Billion), 2011-2015
Figure 4: Indian Defense Expenditure (INR Billion), 2016-2020
Figure 5: Indian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2011-2015
Figure 6: Indian GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2016-2020
Figure 7:Indian Defense Budget Split Between Capital and Revenue Expenditure (%), 2011-2015
Figure 8: Indian Defense Budget Split Between Capital and Revenue Expenditure (%), 2016-2020
Figure 9: Indian Defense Budget Split (%), 2011-2015
Figure 10: Indian Defense Budget Split (%), 2016-2020
Figure 11: Indian Defense Expenditure for Army (US$ Billion), 2011-2015
Figure 12: Indian Defense Expenditure for Army (US$ Billion), 2016-2020
Figure 13: Indian Defense Expenditure for Army (INR Billion), 2011-2015
Figure 14: Indian Defense Expenditure for Army (INR Billion), 2016-2020
Figure 15: Indian Defense Expenditure for Air Force (US$ Billion), 2011-2015
Figure 16: Indian Defense Expenditure for Air Force (US$ Billion), 2016-2020
Figure 17: Indian Defense Expenditure for Air Force (INR Billion), 2011-2015
Figure 18: Indian Defense Expenditure for Air Force (INR Billion), 2016-2020
Figure 19: Indian Defense Expenditure for Navy (US$ Billion), 2011-2015
Figure 20: Indian Defense Expenditure for Navy (US$ Billion), 2016-2020
Figure 21: Indian Expenditure for Navy (INR Billion), 2011-2015
Figure 22: Indian Expenditure for Navy (INR Billion), 2016-2020
Figure 23: Indian Per Capita Defense Expenditure (US$), 2011-2015
Figure 24: Indian Per Capita Defense Expenditure (US$), 2016-2020
Figure 25: Indian Homeland Security Budget (US$ billion), 2011-2015
Figure 26: Indian Homeland Security Budget (US$ billion), 2016-2020
Figure 27: Indian Homeland Security Budget (INR Billion), 2011-2015
Figure 28: Indian Homeland Security Budget (INR Billion), 2016-2020
Figure 29: SDI Terrorism Heat Map, 2015
Figure 30: SDI Terrorism Index
Figure 31: Benchmarking with Key Markets - 2011-2015 vs. 2016-2020
Figure 32: Defense Expenditure of the World's Largest Military Spenders (US$ Billion), 2015 and 2020
Figure 33: Defense Expenditure as a Percentage of GDP of Largest Military Spenders (%), 2015
Figure 34: Multi-role Aircraft Market Size (US$ Billion), 2015-2025
Figure 35: Infrastructure Construction Market Size (US$ Billion), 2015-2025
Figure 36: Diesel Electric Submarine Market Size (US$ Billion), 2015-2025
Figure 37: Surface to Air Missiles Market Size (US$ Billion), 2015-2025
Figure 38: Multi-mission and Maritime Helicopter Market Size (US$ Billion), 2015-2025
Figure 39: Indian Defense Import Trend (US$ Million), 2010-2014 (TIV values*)
Figure 40: Country-wise Break-up of Indian Defense Imports (%), 2010-2014 (TIV values*)
Figure 41: Weapon Category Break-up of Indian Defense Imports (%), 2010-2014 (TIV values*)
Figure 42: Indian Defense Export Trend (US$ Million), 2010-2014 (TIV values*)
Figure 43: Country-wise Break-up of Indian Defense Exports (%), 2010-2014 (TIV values*)
Figure 44: Industry Dynamics - Porter's Five Forces Analysis
Figure 45: Mazagon Docks Limited - Revenue Trend Analysis (INR Billion), 2009-2013
Figure 46: Mazagon Docks Limited - Operating Profit Trend Analysis (INR Billion), 2009-2013
Figure 47: Mazagon Docks Limited - Net Profit Trend Analysis (INR Billion), 2009-2013
Figure 48: Hindustan Aeronautics Limited (HAL) - Revenue Trend Analysis (INR Billion), 2010-2014
Figure 49: Hindustan Aeronautics Limited (HAL) - Operating Profit Trend Analysis (INR Billion), 2010-2014
Figure 50: Hindustan Aeronautics Limited (HAL) - Net Profit Trend Analysis (INR Billion), 2010-2014
Figure 51: Bharat Electronics Limited - Revenue Trend Analysis (INR Billion), 2009-2013
Figure 52: Bharat Electronics Limited - Operating Profit Trend Analysis (INR Billion), 2009-2013
Figure 53: Bharat Electronics Limited - Net Profit Trend Analysis (INR Billion), 2009-2013
Figure 54: Bharat Dynamics Limited - Revenue Trend Analysis (INR Billion), 2009-2013
Figure 55: Bharat Dynamics Limited - Operating Profit Trend Analysis (INR Million), 2009-2013
Figure 56: Bharat Dynamics Limited - Net Profit Trend Analysis (INR Million), 2009-2013
Figure 57: BEML - Revenue Trend Analysis (INR Billion), 2009-2013
Figure 58: BEML - Operating Profit Trend Analysis (INR Million), 2009-2013
Figure 59: BEML - Net Profit Trend Analysis (INR Million), 2009-2013
Figure 60: Goa Shipyard Limited - Revenue Trend Analysis (INR Billion), 2009-2013
Figure 61: Goa Shipyard Limited - Operating Profit Trend Analysis (INR Million), 2009-2013
Figure 62: Goa Shipyard Limited - Net Profit Trend Analysis (INR Million), 2009-2013
Figure 63: Indian Population - Rural Population (In Millions), 2015-2024
Figure 64: Indian Population - Urban Population (In Millions), 2015-2024
Figure 65: Indian Population - Number of Households (In Millions), 2008-2017
Figure 66: GDP Per Capita in USD, 2015-2024
Figure 67: GDP (current USD billion) 2015-2024
Figure 68: Exports of goods and services (current USD Billion) - 2004-2013
Figure 69: Imports of goods and services (current USD Billion) - 2003-2012
Figure 70: Gross National Disposable Income (USD Billion) - 2002-2010
Figure 71: Manufacturing Output (USD Billion) - 2003-2012
Figure 72: Consumer Price Index - 2015-2024
Figure 73: Wholesale Price Index - 2003-2012
Figure 74: LCU per USD (period average) - 2015-2024
Figure 75: LCU per USD (period average) - 2015-2024
Figure 76: Lending Rate (%) - 2003-2012
Figure 77: Real Interest Rate (%) - 2003-2012
Figure 78: Market Capitalization of Listed Companies - 2003-2012
Figure 79: Market Capitalization of Listed Companies (% of GDP)- 2003-2012
Figure 80: Total Government Cash Surplus/Deficit (LCU Billion) 2003-2012
Figure 81: Total Government Cash Surplus/Deficit as % of GDP (LCU) 2003-2012
Figure 82: Central Government Debt (LCU Billion) - 2002-2011
Figure 83: Central Government Debt as a percentage of GDP - 2003-2012
Figure 84: Goods exports as a percentage of GDP - 2003-2012
Figure 85: Goods imports as a percentage of GDP - 2003-2012
Figure 86: Goods balance as a percentage of GDP - 2003-2012
Figure 87: Service imports as a percentage of GDP - 2003-2012
Figure 88: Services exports as a percentage of GDP - 2003-2012
Figure 89: Services balance as a percentage of GDP - 2003-2012
Figure 90: International reserves, including gold (USD Billion) - 2002-2011
Figure 91: External Debt as a percentage of GDP - 2001-2010
Figure 92: Total Conventional Thermal Electricity Net Generation (Billion Kilowatt hours) - 2002-2011
Figure 93: Hydroelectricity Net Generation (Billion Kilowatt hours) - 2003-2012
Figure 94: Nuclear Electricity Net Generation (Billion Kilowatt hours) - 2003-2012
Figure 95: Total Conventional Thermal Electricity Installed Capacity (Million Kilowatts), 2001-2010
Figure 96: Total Electricity Exports (Billion Kilowatt hours) - 2002-2011
Figure 97: Total Electricity Imports (Billion Kilowatt hours) - 2002-2011
Figure 98: The Proved Reserves of Natural Gas (Trillion Cubic Feet) - 2004-2014
Figure 99: Total Petroleum Consumption (Thousand Barrels Per Day) - 2003-2012
Figure 100: The Proved Reserves of Crude Oil (Billion Barrels) - 2005-2014
Figure 101: Total Non-Hydro Renewable Electricity Net Generation (Billion Kilowatts) - 2002-2011
Figure 102: Rail lines (total route - km) - 2003-2012
Figure 103: Air transport, freight (million ton-km) 2003-2012
Figure 104: Mining, Manufacturing, Utilities Output (USD Bn), 2003-2012
Figure 105: Patents granted - 2004-2013
Figure 106: Telephone Lines (In Mn), 2003-2012
Figure 107: Telephone lines Penetration Rate (per 100 people) 2003-2012

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