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The Escalating Arms Race I'll Bet You're Not Watching

India took delivery of its third aircraft carrier last week, the latest part of a $100 billion weapons-system spending spree that has the world's second-most-populous country attempting to keep pace in its arms race with China.

The carrier - a refurbished Soviet-era vessel - was purchased for $2.3 billion. India took possession at a shipyard in Northern Russia during a special ceremony Saturday.

India's spending spree is designed to counter the build-out of the world's most-populous nation - China.

The two countries have had a rocky rapport.

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