According to a SIPRI report, sales of arms and military services by the 100 largest armament companies in the world reached $597 billion in 2022. Geopolitical tensions and the Russian invasion of Ukraine fuelled increased demand for weapons globally. Indian defence PSUs Hindustan Aeronautics, Bharat Electronics, and Mazagon Docks are among the top 100 arms-producing companies. The US dominates the list, but its revenues fell by 7.9%. Asian arms companies, including those in China and India, benefited from sustained government investment in military modernization reported TOI.

The following three Indian defence PSUs are among the top 100 arms-producing companies: Hindustan Aeronautics, Bharat Electronics, Mazagon Docks.

The US dominates the list, but its revenues fell by 7.9%. Asian arms companies, including those in China and India, benefited from sustained government investment in military modernization.

The combined arms sales of these six companies grew by 0.4 per cent to reach $17.8 billion in 2021.

HAL was ranked 41st with $3.4 billion in arms sales, BEL 63rd with $1.9 billion and MDL 89th with $1 billion, all three benefitting from the major orders placed by the 14-lakh strong Indian armed forces. But the three together accounted for just a paltry 1% of the $597 billion global arms sales last year.