What drove China’s decline and India’s surge in arms revenues

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While India’s presence in the global defence industry is still emerging, its growth in 2024 was significant, according to SIPRI. Three defence PSUs – HAL, BEL and MDL – posted a combined revenue growth of 8.2%, reaching $7.5 billion. In contrast, Chinese companies are struggling. Here’s why

Global arms revenues reached an all-time high in 2024, according to the Stockholm International Peace Research Institute (SIPRI), hitting $679 billion — a 5.9% increase from the previous year.

This surge is driven by a global landscape marked by ongoing conflicts, such as the wars in Ukraine and Gaza, growing great-power rivalries, and widespread rearmament efforts across Europe and parts of Asia.

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