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What is the News?
Swedish think tank Stockholm Institute Peace Research Institute (SIPRI) has released a report titled “The SIPRI Top 100 arms-producing and military services companies, 2020”.
What are the key findings of the report?
Findings Related to India
India’s share of arms sales globally in 2020 was 1.2%.
Three Indian companies are among the world’s top 100 for combined arms sales in 2020. The three were ranked among the top 100 in arms sales in 2019 as well.
These three companies are Hindustan Aeronautics Limited (HAL), Indian Ordnance Factories, and Bharat Electronics Limited (BEL).
Of these, the Ordnance Factory Board (OFB), which comprised the Indian Ordnance Factories, has been dissolved and seven new Public Sector Undertakings were created in its place.
Moreover, domestic procurement had helped shield Indian companies against the negative economic consequences of the pandemic.
Note: 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.
Other Key Findings
International arms sales have increased even as the global economy contracted by 3.1% during the first year of the COVID-19 pandemic.
The USA has the highest number of companies in the top 100 worldwide. U.S. companies accounted for 54% of the Top 100’s total arms sales in 2020.
Chinese firms accounted for 13% of the Global Arms sales in 2020 followed by the UK at 7.1 %. Russia and France were fourth and fifth with 5 % and 4.7 % respectively
Source: This post is based on the article “Three Indian companies among top 100 in arms sales globally” published in Indian Express on 8th December 2021.
