Three Indian companies among top 100 in arms sales globally
- Three Indian companies are among the world’s top 100 for combined arms sales in 2020, said a new report by the Stockholm International Peace Research Institute (SIPRI), which tracks global arms trade.
- The three are: Hindustan Aeronautics Limited (HAL), Indian Ordnance Factories, and Bharat Electronics Limited (BEL).
- The three were ranked among the top 100 in arms sales in 2019 as well.
Key facts from report
- Sales of arms and military services by the industry’s 100 largest companies totalled $531 billion in 2020—an increase of 1.3 per cent in real terms compared with the previous year.
- The arms sales of the Top 100 arms companies in 2020 were 17 per cent higher than in 2015—the first year for which SIPRI included data on Chinese firms.
- This marked the sixth consecutive year of growth in arms sales by the Top 100.
- Topping the list is the United States of America hosted the highest number of companies (41).
- China, according to SIPRI, stands at number two to the US in terms of manufacturing military equipment, arms and weapons.
India’s arms sale
- India’s share of arms sales globally in 2020 was 1.2 per cent.
- The report noted that for the three Indian companies in the top 100 “their aggregated arms sales of $6.5 billion were 1.7 per cent higher in 2020 than in 2019” and accounted for 1.2 per cent of the top 100 total.
- Domestic procurement has helped to shield Indian companies against the negative economic consequences of the pandemic.
- In 2020, the Indian Government announced a phased ban on imports of more than a hundred different types of military equipment to support domestic companies and enhance self-reliance in arms production.
About Stockholm International Peace Research Institute (SIPRI)
- SIPRI is an independent international institute dedicated to research into conflict, armaments, arms control and disarmament.
- Established in 1966, SIPRI provides data, analysis and recommendations, based on open sources, to policymakers, researchers, media and the interested public.
- Based in Stockholm, SIPRI is regularly ranked among the most respected think tanks worldwide.