Washington, Nov. 5 (PTI): India was the biggest arms buyer among developing nations in 2005, finalising arms transfer deals worth $5.4 billion, according to a US Congressional study.

Saudi Arabia is second at $3.4 billion, followed by China with $2.8 billion, the Congressional Research Service said.

According to the study on the transfer of conventional arms to developing countries between 1998 and 2005, India signed $12.9 billion in transfer agreements between 2002 and 2005, up from $7.8 billion in the earlier 1998-2001 period (in current dollars).

“This increase reflects the continuation of a military modernisation effort by India, under way since the 1990s, and based primarily on major arms agreements with Russia,” the report says.

In 2005, Russia ranked first among suppliers to developing nations with $7 billion, followed by France with $6.3 billion.