The combined arms revenues of India’s three leading defence manufacturers rose by 8.2 per cent to $7.5 billion last year, according to a report released recently by the Stockholm International Peace Research Institute. The SIPRI Top 100 list of global arms producers features only three Indian companies: Hindustan Aeronautics Limited, Bharat Electronics Limited and Mazagon Dock Shipbuilders Limited.

HAL remained India’s largest defence producer with arms revenues of $3.8 billion. It ranked 44 globally, down from 42 in 2023, with a marginal 0.3 per cent dip in arms revenue. Of its total $4 billion turnover, SIPRI said 95 per cent came from defence-related products.

BEL recorded the sharpest growth among the three, posting a 23.6 per cent rise in arms revenue to $3.8 billion. Its global rank improved from 68 to 58, supported by increased government orders for radars and electronic warfare systems. Of its total revenue of $2.75 billion, 89.9 per cent was attributed to defence manufacturing.

MDSL reported a 9.38 per cent rise in defence revenue to $1.12 billion, retaining its global ranking of 91. The company posted total revenue of $1.37 billion, with 89.8 per cent coming from defence-related activities.

SIPRI noted that global arms revenues among the Top 100 companies reached a record $679 billion in 2024, up 5.9 per cent from the previous year. The increase was primarily driven by companies in Europe and the United States. Lockheed Martin topped the list with $62 billion in arms revenue, followed by several other US-based manufacturers. Britain’s BAE Systems ranked fourth, while Russia’s Rostec and China’s AVIC were placed seventh and eighth respectively.

An earlier SIPRI study said India’s total defence expenditure in 2024 stood at $86.23 billion, compared with Pakistan’s $10.165 billion and China’s $313.67 billion.

(Source: IANS)