INDIA SURPASSES RUSSIA IN IMPORTING ARMS WORTH CRORES DURING 2018-2022


DEFENSE INDUSTRY OF INDIA

Defense is one of the crucial prerequisites that a country needs to protect itself and its people from overseas attacks or invasions. In the current scenario, the Global market for defense personnel is on the rise and already has a significant contribution to the Global Trade Data which is yet to grow and is expected to touch USD 2 trillion by 2026.

Now, let’s focus on the Indian Defense Industry statistics. The defense or military sector of India is one of the most important and prominent sectors of the nation. India is equipped with the world’s largest, biggest, and most powerful military forces that include almost 1.45 million active and trained soldiers, personnel, and backup forces. Every year India sets a budget that is solely dedicated to the Indian brave soldiers and defense sector which was INR 4.8 lakh Crores in the year 2021 which roughly translates to USD 60 billion. With this, the defense sector budget of India becomes the World’s third most highly funded sector after the USA (USD 730 billion) and China (USD 260 billion).

According to the Import Export Data for the year 2021, India was in the 2nd position in imports related to the defense sector after Saudi Arabia, contributing almost 9.5% of total global imports of defense items. 80% of the total domestic defense industry of India is owned by the government. Rest 20% which is under private ownership includes DRDO and its 50 laboratories, 4 defense shipyards, and close to 11 defense PSUs. As of now, India is into producing only 50% of the total defense items that it procures and imports the rest from the world. Based on the Import Export Data for the year 2017-18, India exported defense products worth USD 0.66 billion, followed by total exports of USD 1.47 billion in the year 2018-19.



The top 5 Indian companies that play a huge role in maintaining the Export Import Data of the nation about the defense industry are:

·        Bharat Dynamics (ammunition and missile system)

·        Bharat Electronics (Avionics and Radar)

·        Garden Reach Shipbuilders and Engineers (Shipbuilding and ship design)

·        Hindustan Aeronautics Limited (Aerospace and defense manufacturer)

·        Mishra Dhatu Nigam (Metallurgy)

Based on the records mentioned in the Global Trade Data of the year 2022, the top 10 major contributors to this industry are namely, the United States, China, India, Russia, the UK, Saudi Arabia, Germany, France, Japan, and South Korea.

INDIA EXCEEDS ITS ARMS IMPORTS AS COMPARED TO RUSSIAN IMPORTS

As the development of the defense industry is of the highest priority for India, hence, it exceeds the imports of arms and weapons more than even Russia. Based on the Import Export data of India for the year 2021, the country imported weapons worth USD 182 million. The countries from whom India imported weapons the most were:

·        Israel (USD 86.6 million)

·        The United States (USD 56 million)

·        Germany (USD 8.07 million)

·        France (USD 6.6 million)

·        Czechia (USD 4.03 million)

On the other hand, the Export Import Data of Russia mentions that in the year 2021, Russia imported weapons only worth USD 72.8 million, which is far less than that of Indian imports. The countries from whom Russia imported weapons were:

·        Italy (USD 24.7 million)

·        India (USD 12.1 million)

·        Turkey (USD 9.26 million)

·        Germany (USD 5.45 million)

·        Austria (USD 4.09 million)   

INDIA’S RANKING IN THE GLOBAL ARMS IMPORTS

Globally, India Is the second largest importer of arms as per the latest record of the years 2018-22. The global import share of the top 8 countries as per Global Trade Data is as follows:

·        The USA (11%+ of total global imports)

·        India (11% of total global imports)

·        Saudi Arabia (9.6% of total global imports)

·        Qatar (6.4% of total global imports)

·        Australia (4.7% of total global imports)

·        China (4.6% of total global imports)

·        Egypt (4.5% of total global imports)

·        South Korea (3.7% of total global imports)

·        Pakistan (3.69% of total global imports)

CONCLUSION

Till now, it is quite clear that India is focusing on building and growing its defense strength and agility to stand strong against any sort of invasion or war. This seems to be a good intent on the side of the nation to protect itself and its citizens. The Import Export data of the nation is surely going to experience an increment due to the defense industry in the coming future. Moreover, India is trying to secure 1st rank in the Global Trade Data report which seems to be an easy task.

CONTACT US FOR ANY QUERY

We hope that you would have loved our educational report about the current scenario of the defense industry and its growth aspects in India and Russia.

For all the more such astounding and enlightening stuff, keep in contact with us on our social handles and website.

Reach out to us if you have any questions or are intrigued to purchase Import Export Data or Russia customs data for the most recent years. We give data sets of 70+ nations like Vietnam, the Philippines, and Turkey so you stay in stride in front of your rivals and come up with additional successful methodologies and produce enormous benefits.

WEBSITE: https://www.tradeimex.in

EMAIL ID: info@tradeimex.in

For more info-

Import Export Data

Global Trade Data

Export Import Data

 

 

Comments

Post a Comment

Popular posts from this blog

CHINA IMPORT EXPORT DATA CONTINUES TO GROW FURTHER: ANALYTICAL REPORT

Image
An official statement released by the commerce department of China states that the Import Export Data to and from China is on a growth front and will continue to grow in upcoming years also. Currently, China is highly focusing on the foreign investments made by different countries and investors around the world so as to build healthy relations with all and boost its trade relations. Wang Wentao, who is the commerce Minister of China says that China is ready to fully cooperate with its investors and partners in order to attract more foreign deals and proposals. All these proceedings and statements were made after it was observed that China Import Export Data was declining in the initial months of 2023 as compared to the initial months of the year 2022. The past 5-year trend of China Export Import Data is as follows: CHINA EXPORT IMPORT DATA (2018-2022) YEAR EXPORTS IMPORTS REMARKS 2018 USD 2.49 trillion...
Read more

BENEFITS OF MAINTAINING IMPORT EXPORT DATA UNCOVERED

Image
  ABSTRACT Overseas trading, also known as the international trading of goods and services is a type of business in which various types of goods and services are sold from one country to another in exchange for money. When a good goes out from a country, it is called an export and when any good comes into the country it is termed an import. It is necessary to maintain a proper trade balance between the two so that imports never exceed exports. Every transaction is recorded in a consolidated report called an Import Export Data report. Each country is suggested to import and export goods as it helps to build strong economic relations with other countries and moreover facilitates the adequate supply of a good whose demand is high in any nation. If we talk about the contents that are available in Import Export Data of a country which helps to keep a track of total imports and exports in a year, then they are as follows: ·         Name and cont...
Read more