Indian arms makers in Top 100 log US$ 6.7 billion (Rs. 56,769 crore) FY23 revenue, up 6%: Stockholm International Peace Research Institute’s (SIPRI)
- IBEF
- December 5, 2024
Combined revenues of three Indian defence public sector undertakings (DPSUs) on the Stockholm International Peace Research Institute’s (SIPRI) list of the world’s 100 largest arms producers rose to US$ 6.74 billion (Rs. 56,769 crore) in FY23, a 6% increase from US$ 6.37 billion (Rs. 53,973 crore) in FY22. Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Ltd (MDL) accounted for these revenues. HAL, headquartered in Bengaluru, ranked 43rd with a 6.9% rise in arms revenue to US$ 3.71 billion (Rs. 31,435 crore). Bengaluru-based BEL saw a modest 0.5% growth to US$ 1.94 billion (Rs. 16,438 crore). Mumbai-based MDL reported a 12.4% growth, reaching US$ 1.09 billion (Rs. 9,236 crore) and advancing to 94th from 96th.
SIPRI noted a 4.2% rise in FY23 arms revenues for the Top 100 arms producers globally, totalling US$ 632 billion (Rs. 53,54,936 crore), driven by heightened regional conflicts and rearmament efforts. Smaller arms producers in the lower half of the Top 100 adapted more effectively to increased demand linked to Ukraine war, tensions in East Asia, and conflicts in Gaza. US companies dominated, with 41 firms contributing US$ 317 billion (Rs. 26,85,941 crore), nearly half the global total. Despite overall growth, Chinese arms producers, facing a slowing economy, recorded their smallest revenue growth since FY19, at 0.7%, reaching US$ 103 billion (Rs. 8,72,719 crore). SIPRI anticipates continued revenue growth in FY24 as arms manufacturers ramp up production and recruitment to meet global demand.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
