Domestic Procurement Helps Indian Defence Companies: SIPRI

By Shakir Husain NEW DELHI, Dec 6 (Bernama) -- Domestic procurement of weapons helped Indian defence manufacturers, shielding them from the ill effects of the pandemic-hit global economy, an international arms watchdog said on Monday. The Indian government announced a phased ban on imports of more than 100 different types of military equipment to support domestic companies and enhance self-reliance in arms production, boosting the sales of Hindustan Aeronautics, Bharat Electronics, and Indian Ordnance Factories, the Stockholm International Peace Research Institute (SIPRI) said in a report. The three companies, included in SIPRI's 2020 ranking of the world's top 100 arms manufacturers, accounted for the combined sales of US$6.5 billion last year, 1.7 per cent higher than in 2019. "Domestic procurement has helped to shield Indian companies against the negative economic consequences of the pandemic," the Swedish think tank said. The combined arms sales of the world's top 100 weapons makers were US$531 billion in 2020, posting a growth of 1.3 per cent over the previous year. Of these, 41 arms companies were based in the United States and accounted for US$285 billion in sales. Lockheed Martin is the world's number one weapons company, followed by Raytheon Technologies, Boeing, Northrop Grumman and General Dynamics. Five top Chinese companies on the SIPRI list accounted for an estimated US$66.8 billion worth of sales, while nine Russian companies achieved US$26.4 billion in sales. Europe's 26 companies generated US$109 billion in sales, representing 21 per cent of the total arms sales. -- BERNAMA