Arms companies are getting rich due to global wars: The world has been embroiled in wars for the last few years. The Russia-Ukraine war and Israel-Hamas war are still going on and now the tension of war is increasing in the Indo-Pacific region. War causes human suffering, the countries concerned have to suffer severe economic losses, even the countries that were not involved in the war are engulfed by a wave of depression, but all this leaves the arms manufacturing companies in limbo. Recent statistics show that wars have made arms manufacturers around the world rich.
What does the report say?
A report by ‘Stockholm International Peace Research Institute’ (SIPRI) shows that due to wars and tension zones, arms sales are increasing in the world, due to which arms manufacturing companies are expected to lose US$ 632 billion in the year 2023 alone. Will sell weapons. , This increase compared to previous years is 4.2%. For the report SIPRI has taken data from the world’s top 100 arms manufacturers.
American companies remain on top
The report said that America is the top producer of weapons. Of the top 100 companies, 41 are from America. US companies such as Lockheed Martin, Raytheon and Northrop Grumman have been at the top in sales of advanced weapons such as missiles, drones and air defense systems. Of the total global sales of US$632 billion, 41 US companies contributed $317 billion. That means half of the total global revenue of arms manufacturing companies has gone to American companies alone. An increase of 2.5 percent has been seen in comparison to the year 2022. American arms manufacturers have the highest contribution in supplying arms to Ukraine and NATO countries at war with Russia.
This country was at number two
After America, China has been the second largest supplier of arms to the world. 9 Chinese companies are included in the top-100 arms manufacturing companies. He has earned a total of US$103 billion. Of course, the pace of Chinese arms production and sales has slowed by 0.7% compared to 2022. The reason for this is the slow economy of the country.
India remained at this number
India ranks third in arms production and sales after America and China. In 2023, India will earn $6.7 billion from arms sales, an increase of 5.8% from the previous year. Three Indian companies ‘Hindustan Aeronautics Limited’ (HAL), ‘Bharat Electronics Limited’ (BEL) and ‘Bharat Dynamics Limited’ (BDL) have been included in the SIPRI top 100 list. The boom in arms production in India is attributed to the ‘Make in India’ initiative.
other high income countries
NCSIST is the only Taiwanese company to be ranked in the top-100. It has earned 3.2 billion dollars. Due to increasing tensions with China, Taiwan is leaning towards offensive weapons production.
British company ‘Nuclear Weapons Establishment’ achieved 16% more revenue. Its revenue has been 2.2 billion dollars. Türkiye’s arms revenues are expected to increase by a whopping 25% in 2023. Its total revenue is 1.9 billion won, of which 90% is accounted for by exports. The armed drones of Türkiye’s Baykar company are in good demand globally.
