Indian public sector undertaking's, especially in the defence sector are infamous for cost overruns, delays and lower quality of its end product. But according to the latest rankings released by SIPRI, a Stockholm-based think tank.
Four Indian companies have managed to make a cut among the world's top 100 arms producers in 2017. The PSUs who have made cut includes Indian Ordnance Factories, Hindustan Aeronautics, Bharat electronics, and Bharat Dynamics.
The Economic Times reported that for the year, 2017, arms sales of the four Indian companies, all state-owned, reached $7.52 billion. Major countries were the part of the rankings excepts from China.
The report showed that arms sales of all 100 arms-producing and military services companies in the list stood at $398.2 billion in 2017 which is 2.2% higher than the sales in comparison to 2016. Interestingly, this is the third consecutive time the sales of arms has witnessed growth.
It is to be noted that the SIPRI doesn't include Chinese companies due to lack of data. But based on the data collected by several other firms, it estimated that three Chinese arms companies would be among top 10: AVIC ($20.1 billion), NORINCO ($17.2 billion) and CETC ($12.2 billion). Additionally, seven other would also in the top 100 list.