Stockholm International Peace Research Institute (SIPRI) said Indian Ordnance Factories, Bharat Electronics Limited (BEL), and Hindustan Aeronautics Limited (HAL) were among the top 100 global arms-producing and military services companies in 2020.
A total of USD 6.5 billion in arms sales was recorded in 2020, representing 1.7 percent higher than the previous year and representing 1.2 percent of total sales among the top 100 countries, it said in a statement.
The arms sales of HAL ranked 42nd and BEL ranked 66th which is an increase of 1.5 percent and 4 percent respectively. “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,” SIPRI said.
The world’s top five arms manufacturers are US-based companies including Lockheed Martin, Raytheon Technologies, Boeing, Northrop Grumman, and General Dynamics.
