India's Defence Industry Sees 8.2% Revenue Growth in 2024, Led by HAL: SIPRI Report
Revenue from India's leading defense manufacturers rose by 8.2 percent in 2024, reaching a cumulative $7.5 billion, as reported by the Stockholm International Peace Research Institute (SIPRI).
In SIPRI's annual ranking of the Top 100 global arms producers, only three Indian companies were listed: Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), and Mazagon Dock Shipbuilders Limited (MDSL). These companies remain the country's key players in the international defense market.
HAL, India's largest defense manufacturer, reported arms revenues of $3.8 billion. Despite this, its global standing fell slightly from 42 to 44, attributed to a minor 0.3 percent drop in defense earnings. Although HAL is involved in civilian aviation and space projects, 95 percent of its total $4 billion revenue was from arms production.
BEL experienced the most significant growth among Indian companies, with arms revenues increasing by 23.6 percent to $3.8 billion. This growth was primarily due to higher domestic demand for radars and electronic warfare systems, which helped BEL improve its global rank from 68th to 58th. Defense manufacturing made up 89.9 percent of its total $2.75 billion revenue.
MDSL, which focuses on submarines and warships, recorded a 9.38 percent rise in defense revenue, amounting to $1.12 billion. With 89.8 percent of its $1.37 billion total revenue stemming from arms production, MDSL maintained its position at 91st globally.
On a global scale, SIPRI revealed that arms revenues among the Top 100 producers reached $679 billion in 2024, marking a 5.9 percent rise. This growth was mainly fueled by European and American companies. Lockheed Martin led the rankings with $62 billion in arms sales, followed by other prominent American firms. BAE Systems from the UK secured the fourth spot, Russia's Rostec was seventh, and China's AVIC ranked eighth.
SIPRI's previous data on military expenditure indicated that India's defense spending in 2024 was $86.23 billion, in contrast to Pakistan's $10.165 billion and China's $313.67 billion.
