Global arms sales increased even as the world economy contracted in 2020, according to a report by Swedish think tank Stockholm Institute Peace Research Institute.
Combined arms sales by the three Indian companies in the Top 100 defence manufacturers worldwide grew by 1.7%, according to the latest report by Swedish think tank Stockholm Institute Peace Research Institute (SIPRI), which also said that international arms sales increased even as the global economy contracted by 3.1% during the first year of the COVID-19 pandemic. U.S. companies accounted for 54% of the Top 100’s total arms sales in 2020 followed by Chinese firms which accounted for 13%.
The three Indian companies in the SIPRI Top 100 for 2020 rankings are Hindustan Aeronautics Limited (HAL), Ordnance Factory Board and Bharat Electronics Ltd. (BEL). “Their aggregated arms sales of $6.5 billion were 1.7% higher in 2020 than in 2019 and accounted for 1.2% of the Top 100 total,” according to the report ‘The SIPRI Top 100 arms-producing and military services companies, 2020’ released on Monday.