New Delhi, December 6th
Three Indian arms manufacturers have made it onto the list of the world’s top 100 companies producing weapons, aircraft and other military equipment. The details were published on Monday morning by the Swedish think tank Stockholm International Peace Research Institute (SIPRI) in its report âTop 100 Arms Producing and Military Service Companies 2020â.
Sales of Hindustan Aeronautics Limited (Rank 42) and Bharat Electronics (66th) increased 1.5 and 4 percent, respectively, in 2020. Indian Ordnance Factories (# 60) sales increased marginally, 0.2 percent. All three are owned by the Department of Defense. “Their aggregate arms sales of $ 6.5 billion (about Rs 48,750 billion, representing 1.2% of the top 100) were 1.7% higher in 2020 than in 2019,” it said the report. Domestic sourcing has helped protect Indian businesses from the negative economic fallout from the pandemic, the report said.
It is also mentioned that China now ranks only after the US in terms of arms manufacturing. The combined sales of five Chinese companies in the top 100 were estimated at $ 66.8 billion in 2020 – 1.5% more than in 2019. âWith a share of 13% of the total top 100, Chinese Company had the second highest volume of aggregated arms sales in 2020, just behind US companies and ahead of UK companies, âthe report said. The five Chinese companies are in the top 20 while three of them are in the top 10, it said. All of the Chinese companies in the top 100 are state-owned and manufacture military and civilian products. Most of the income from these companies comes from civilian sales. – TNS