Defence industry of

India

The defence industry sector of India is a

strategically important sector in India.[1]
India has one of the world's largest military
forces with a strength of over 14.4 lakh
(1.44 million) active personnel. It has the
world's largest volunteer military of over
51 lakh (5.1 million) personnel.[2] The total
budget sanctioned for the Indian military
for the financial year 2021 is
₹4.78 lakh crore (equivalent to ₹5.6 trillion
or US$70 billion in 2023).[3][4] It has the
third largest annual defence budget behind
USA (US$732 b) and China (US$261 b). It is
the second largest defence importer
behind Saudi Arabia making up 9.2% of
global arms import. India has a domestic
defence industry of which 60% is
government owned. The public sector
includes NTRO, CSIR, PRL, DRDO and its 50
labs, 4 defence shipyards, 12 defence
PSUs. India has a new defence
procurement, acquisition and
manufacturing policy to reduce imports
and enhance domestic manufacturing.[5]
 HAL Light Utility Helicopter

HAL Prachand

Tejas

"Defence Production Policy of 2018" (DPrP-

2018) has a goal of becoming among the
top 5 global producers of the aerospace
and defence manufacturing with annual
export target of US$5 billion by 2025.[6][7]
12% of worldwide arms exports (by value)
reach India.[8] India domestically produces
only 70% to 75% of defence products it
uses, and the rest are imported.[9] India's
defence exports were ₹4,682 crore
(US$0.66 billion) in 2017–2018 and
₹10,500 crore (US$1.47 billion) in 2018–
2019, of 2018–2019 exports India's 8
Defence Public Sector Undertakings
(DPSU) and 41 Ordnance Factories (OF)
contributed ₹800 crore (7.6% of total
defence exports).[6] During 2014-2018
India was the world's second largest
defence importer.[10]
Military budget

The military budget of India is about 1.49%

for year 2018–19 of the total GDP.[11]
However, it spends nearly an equal amount
in importing arms from other countries.

Its defence expenditure for the 2017–18

fiscal year, based on allotments by its
Ministry of Finance was 86,488 crores for
defence capital and 2,96,000 crores for
defence pensions.[12]

Service/ department-wise allocation as a

percentage of total defence estimates in
2017–18:
 Army: 55.9%
Air Force: 22.5%
Navy: 14.6%
DRDO: 5.7%
DGOF: 0.8%
DGQA: 0.5%

The Indian Army accounts for more than

half of the total defence budget of India,
with most of expenditure going to the
maintenance of cantonments, salaries and
pensions, instead of critical arms and
ammunition.[13] As of 2019, there is 25%
shortfall in the military's budget demand
versus the actually budget allocation by
the government.[14] There are suggestion
to use the military's land bank to generate
more funds to bridge this gap for the
modernisation of military with the latest
equipment.[14] From November 2019,
government exempted the imported
defence equipment from the customs and
import duties for a period of five year
during which domestic production is
unlikely to meet the technical demand of
the forces.[15] This will result in a savings
of ₹25,000 crore (US$3.5 billion) which
could be used for the modernisation of the
forces.[15]
State orders

The Government of India has been pushing

for greater indigenisation of military
hardware as India imports a considerable
amount of its defence equipment and
platforms. Between 2016 and 2020, India
accounted for 9.5% of total global arms
imports.[16] From 2000 to 2022, Russia,
France, Israel, the United States and United
Kingdom are the top 5 countries where
India imports its arms from.[17] Thus in
2022, the Indian Government scrapped the
import of several large defence platforms
and equipment, which included helicopters
for the Coast Guard, all-terrain vehicles
(ATVs) and short range missiles.[18] In
addition to this, the Ministry of Defence
has started releasing indigenisation lists,
which consists of equipment and
platforms that the government aims to
completely indigenise by December
2025.[19] The Defence Ministry has also
stated that the equipment and platforms
that are on the third indigenisation list,
could result in state orders that are worth
more than Rs 2,10,000 crore being placed
on the Indian defence industry in the next
five years.[19]
Arms transfers of India [20]

Expor ts Impor ts

(1990 $ millions) (1990 $ millions)

2010 2019 2010 2019

5 115 2,909 2,964

Compared to other branches of military,

the Indian Army consumes 50% of defence
budget, is least technology intensive and
slowest to adopt the indigenisation of
equipment, has multi-year long
procurement cycle, and pre-purchase field
trials last for several years sometimes
without resulting in any procurement, for
example soldier's hand held GPS enabled
indigenous "Sathi" PDA "Beta Project" was
abandoned midway and soldiers still do
not have a PDA.[21] To expedite the
development cycle of new technologies
and to better fit the end user requirements,
army has asked DRDO to take more army
staff on deputation to be part of DRDO
technology development project teams.[22]

The Indian Armed forces are using

numerous successful indigenous
technologies produced by the DRDO,
including Varunastra, Maareech, Ushus,
Advanced Light Torpedo (TAL) Shyena;
Electronic Warfare Technologies, radars,
composite materials for LCA, AEW&C,
Astra, LCA Tejas by the Indian Airforce;
ASAT, BrahMos, Nag missile, SAAW, Arjun
MBT Mk 1A, 46 metre Modular Bridge,
MPR, LLTR Ashwin by the army.[23]

Arms exports

Ashok Leyland FAT 6×6 is the latest

armoured truck of Indian Army

Pinaka Missile System

India's track record as an arms exporter

has been modest due to export
restrictions on the manufacturing
companies.[24][25] PSUs exports Arms and
Ammunition, Weapon Spares, Chemicals &
Explosives, Parachutes, Leather and
Clothing items to more than 30 countries
worldwide e.g. Thailand, Malaysia,
Indonesia, Sri Lanka, Bangladesh,
Germany, Belgium, Turkey, Egypt, Oman,
Israel, Kenya, Nigeria, Botswana, Chile,
Suriname and United States.[26][27]

However, due to liberal policies adopted by

the Prime Minister Narendra Modi's
government since 2014, there has been a
substantial increase in India's defence
exports. According to the latest official
data given in the upper house of Indian
Parliament - the Rajya Sabha, India's
defence export has jumped by 700% in just
two years. The export authorisation went
up from $213 million in FY 2016–17 to
$1.5 billion in FY 2018-19 (April to March
period).[28] The Stockholm International
Peace Research Institute has noted that
three Indian companies that rank among
the top-100 defence companies, viz.,
Hindustan Aeronautics Limited, AVANI and
Bharat Electronics Limited, account for
1.2% of the defence exports of the top-100
total.[29]

In March 2011 New Delhi agreed to sell its

first indigenously designed and built multi-
role offshore patrol vessel (OPV) named
Barracuda, to Mauritius. In March 2017,
India finalised a deal with Myanmar for
sale of indigenously developed lightweight
torpedoes worth US$37.9 million. Similar
naval platforms were sold to Sri Lanka and
Vietnam as well.[30]Thailand has also
purchased over 600 military trucks from
India.[31] Armenia has emerged as a
strategic partner for India. In 2022, when
India inked the deal to supply Pinaka multi-
barrel rocket launchers (MBRL), anti-tank
munitions, and ammunition worth US$250
million to Armenia[32]

In September 2017, AWE secured its

biggest export order from UAE for the
supply of 40,000 numbers of 155 mm
artillery shells for ₹3.22 billion
(US$40 million).[33] In Aug 2019, AWE
received a second order from UAE to
supply another 50,000 artillery shells.[34]

Akash SAM System at Defence Expo.

The Defence Minister Rajnath Singh has

stated in 2021 that India was ready to
export different types of missile systems,
Light Combat Aircraft, helicopters, multi-
purpose light transport aircraft, warships
and patrol vessels, artillery gun systems,
tanks, radars, military vehicles, electronic
warfare systems and other weapons
systems to Indian Ocean region nations.[29]

The Ministry of Defence's Year End Review

2023 states that exports for FY 2022–
2023 totaled ₹16,000 crore. It covered 85
nations and reached a ten-fold increase
from FY 2016–17. Major platforms
exported include the Pinaka multi-barrel
rocket launcher, radars, simulators, mine
protected vehicles, armored vehicles, line
replaceable units and parts, thermal
imagers, body armours, ammunition, small
arms and avionics components. Other
platforms include the Dornier-228, 155
mm/52 calibre DRDO Advanced Towed
Artillery Gun System, BrahMos cruise
missile, and Akash SAM.[35][36]
Companies

State-run

Operating
Revenue (as Employees (as
Income (As
of 2020, of March–April
Name Specialization of 2020, Notes
except 2019, except
except
DRDO) Goa Shipyard)
DRDO)

Cent re for
Defense
Development of
communicat ion
Telemat ics

₹3,095.2
₹2,828.8 crore
Ammunit ion and crore [37][38]
Bharat Dynamics (US$400 3,030
missile syst ems (US$430
million)
million)

₹32,920 crore ₹12,480 crore

Bharat [37][38]
Avionics and radar (US$4.6 (US$1.7 9,612
Elect ronics
billion) billion)

₹3,077.4
Transport and ₹153.20 crore
Bharat Eart h crore [39]
eart hmoving (US$21 7,185
Movers (US$430
equipment million)
million)

Elect ronics ₹13.08 billion ₹0.52 billion

Elect ronics and [40]
Corporat ion of (US$160 (US$6.5 1,974
communicat ions
India Limit ed million) (2015) million) (2015)
[41][42]
Garden Reach Shipbuilding and ₹1,658.79 ₹225.20 crore 2,100
Shipbuilders & ship design crore (US$32
Engineers (US$230 million)
million)

₹₹1,071.76
₹264.92 crore
crore 1472 (March [43]
Goa Shipyard Shipbuilding (US$37
(US$150 2020)
million)
million)

Aerospace ₹3,960.57
Hindust an ₹21,522.07
manufact urer and crore [44][45]
Aeronaut ics crore (US$3.0 28,345
defence (US$560
Limit ed billion)
manufact urer million)

₹4399.16
Mazagon Dock crores [46][47]
Shipbuilding 9,000
Limit ed (US$640
million)

₹747 crores
Mishra Dhat u [48][49][50]
Met allurgy (US$110 852
Nigam
million)

Ut karsha
Aluminium Dhat u [51]
Met allurgy ₹2,000 crores 380
Nigam Limit ed
(UADNL)

₹28,745 crore
Cochin Shipyard (2017–2018,
Shipbuilding 12,000
Limit ed US$370
million)

New state run

Munitions India Limited (MIL)

 Armoured Vehicles Nigam Limited
(AVANI)
Advanced Weapons and Equipment
India Limited (AWE)
Troop Comforts Limited (TCL)
Yantra India Limited (YIL)
India Optel Limited (IOL)
Gliders India Limited (GIL)

Private companies

Following have been given defence

manufacturing license as well as based in
India:
 Name of company Established Specialization

Adani Aero Defense Syst ems &

2015 Aerospace and drones
Technologies[52]

Aerolloy Technologies[53] 2020 Met allurgy

Defence elect ronics, avionics and space

Alpha Design Technologies 2003
sat ellit e syst ems

Ast ra Microwave Product s[54] 1991 Radar syst ems

Defence elect ronics, avionics and space

Apollo Micro Syst ems[55] 1985
sat ellit e syst ems

HF communicat ions, radar, SDR and space

Avant el[56] 1985
sat ellit e syst ems

BrahMos Aerospace 2004 Missile syst ems

Bharat Forge 1961 Art illery, met allurgy

Cent um Elect ronics 1993 Defense elect ronics

CRON syst ems 2015 LIDAR and cybersecurit y

Crown Group[57] 1978 MRO, AI and cybersecurit y

Dat a Pat t erns[58] 1976 RF, defence elect ronics

Defsys Solut ions[59] 2007 Avionics

DCX Syst ems[60] 2010 Avionics and wire-harness

Dynamat ic Technologies 1973 Hydraulics, met allurgy and aerospace

Elecon Engineering 1960 Machinery

EyeROV 2016 UAV

Godrej & Boyce 1985 Aerospace and precision engineering

Global St rat egic Technologies 2011 Tanks, missile syst ems and aerospace

HBL Power Syst ems[61] 1976 Bat t ery and power syst ems

High Energy Bat t eries Lt d.[62] 1961 Bat t ery and power syst ems

Jakson Group 1947 Diesel generat ors

Jindal Defence 1947 Armour, missile syst ems and arms

Kineco Limit ed[63] 1994 Composit es

Krishna Defence & Allied[64] 1996 Met allurgy

Larsen & Toubro 1948 Diversified defence product s

Ground support equipment , power elect ronics

MAK Cont rols and Syst ems 1973
and land based syst ems

Megha Engineering and

1989 Defence elect ronics and communicat ions
Infrast ruct ures Limit ed[65]

AI based aut onomous vehicles[66] and

Tardid Technologies 2016
cybersecurit y

Aerospace , land based defence syst ems, sonar,

Tat a Advanced Syst ems 2007
radar, missile drones

Tat a St eel Advanced Mat erials 2012 Composit es

Tat a Power SED 1975 Missile, drones, defence elect ronics

Texmaco Defence Syst ems 2017 Armoured vehicle, guns, art illery

Tit agarh Wagons 1982 Mine clearing syst ems, milit ary t railers, CBRNe

Tonbo Imaging[67] 2003 Imaging syst ems

Triveni Engineering & Indust ries 1932 Gas t urbine and gearboxes

SSS Defence 1960 Small arms and met allurgy

St aqu Technologies[68] 2015 AI/surveillance/comput er vision

Mahindra Aerospace 2008 Aerospace

Mahindra Defence Syst ems Lt d. 2012 Armoured vehicle

MKU 1985 Armour

Paras Defence And Space

1972 Diversified defence equipment
Technologies Lt d.

Premier Explosives 1980 Diversified defence equipment s

PTC Indust ries 1963 Met allurgy and alloys

MTAR Technologies 1984 Diversified defence equipment s and sat com

Raphe Mphibr Pvt Lt d 1963 Met allurgy and alloys

Rossell Techsys 2009 Composit es

Samt el Avionics 2006 Display

Exicom Tele-Syst ems 1994 RF , defense t elephony

Sandeep Met alcraft Pvt Lt d 1988 Arms and missiles

Sika Int erplant Syst ems Lt d. 1969 Turbine and gearboxes

Solar Indust ries India 1983 Diversified defence equipment

Torus Robot ics 2015 UAV

VEM Technologies[69] 1993 Aerospace

ideaForge 2007 UAV

Opt imized Elect rot ech 2017 UAV

Walchandnagar Indust ries 1908 Missile syst ems

Other related

Semiconductor Laboratory (SCL)

ISRO, for aerospace manufacturer
MTAR Technologies, rocket component
manufacturer for ISRO
NewSpace India Limited for low cost
Rocket manufacturing
INOXCVA for ISRO cryogenic equipment
Domestic defence
manufacturing

Indigenisation

In September 2019, DRDO formulated the

"DRDO Policy and Procedures for Transfer
of Technology" and released information
on "DRDO-Industry Partnership: Synergy
and Growth and DRDO Products with
Potential for Export".[23] During the Vibrant
Goa Global Expo and Summit 2019 in
October, DRDO signed technology transfer
contracts with 16 Indian companies,
including 3 startups, to produce products
for the use by Indian Armed Forces.[70]
This included high shelf life, high nutrition,
ready-to-eat on-the-go food products to be
consumed in the difficult terrain and bad
weather.[70] To boost the domestic
defence production capability, Defence
Minister Rajnath Singh's November 2019
delegation included 50 Indian companies
scouting for the Russian partners and joint
ventures for the defence production in
India.[71] DRDO and ISRO have agreed to
collaborate in India's crewed orbital
spacecraft project called Gaganyaan
during which DRDOs various laboratories
will tailor their defence capabilities to suit
the needs of ISRO's human space
mission.[72] To become technology
research and production leader, reduce
reliance on the imports and increase self-
reliance, DRDO Chief called for more
collaboration with the industry, private
sector, research and education institutes
including IITs and NITs.[9]

Make in India

The Modi government in its first year

cleared 39 capital procurement proposals,
of which 32 proposals worth ₹88,900 crore
(US$11 billion) (or 96% of value of total
proposals) were categorized as Buy
(Indian) and Buy and Make (Indian)—the top
two prioritized domestic industry-centric
procurement categories as per the
defence procurement procedure (DPP).[73]

The government's policies to encourage

domestic manufacturing and export of
defence equipment under Prime Minister
Narendra Modi's flagship scheme Make in
India in Defence. It has already resulted in
substantial growth of defence export from
the country as it jumped by 700% in just
two years, from $213 million in FY 2016–
17 to $1.5 billion in FY 2018–19.[28]
Encouraged by this, the government set a
target of achieving defence export worth
₹35,000 crore ($4.87 billion) in next four
years.[74]

In July 2015, the defence ministry eased

export regulations and stopped
demanding multiple assurances on end-
use from foreign governments even for
sale of components by Indian entities.[75]

Some critics say that instead of

encouraging the manufacturing of
equipment in India, the Modi government
has given financial powers to the Armed
forces to purchase equipment up to ₹500
crores without the consultation of the
Ministry.[76][77] This will further increase the
types of weapons, their spares and
components, cost of maintainability which
will result in non-compatibility and
standardisation problems in near future.

FDI in defence

Even though Modi government has been

trying hard to get FDI in defence sector by
first raising the cap from 26% to 74%
through automatic route and 100% through
MoD's approval, whereby the investing
foreign entity can have ownership up to
100% in the defence manufacturing, it has
received a dismal response with a meagre
investment of just ₹56 lacs (US$0.08
million) in 2014–15, ₹71 lac (US$0.10
million) in 2015–16, ₹7 lacs (US$0.01
million) in 2017–18 and ₹15 crores
(US$2.18 million) during 2018–19.[78]

Year Total FDI in defence

2014–15 USD 0.08 million (₹56 lacs)

2015–16 USD 0.10 million (₹71 lac)

2017–18 USD 0.01 million (₹7 lacs)

2018–19 USD 2.18 million (₹15 crores) [78]

Negative import list

An import embargo on 101 defence items

was announced on 9 August 2020. Over a
period of five years, the items will be
prohibited from being imported.[79]
On 31 May 2021 GoI announced the ban on
108 items that were excluded from early
list. This also includes roadmap of five
years for the promotion of indigenous. The
list was described as "2nd Positive List for
indigenisation" by the
government.[80][81][82][83][84]

These include weapon systems like

artillery guns, assault rifles, corvettes,
transport aircraft, light combat helicopters
(LCHs) and even wheeled armoured
fighting vehicles (AFVs).

Involvement of arms dealers,

arms agents and middlemen

Despite the strategic and economic

importance of the defence sector, there
have been numerous scandals that have
been linked to defence deals which involve
the import of foreign arms by the Indian
government.[85][86] Many of these
scandals, include allegations related to
bribery and the alleged involvement of
middlemen.[85][87] These alleged
middlemen are also termed as lobbyists,
arms agents or arms dealers.[88][89][90]
Until the 1980s, agenting or lobbying on
behalf of foreign defence companies was
legal in India, however due to the political
fallout from the Bofors Scandal, which
happened in the 1980s, the Indian
Government banned agents from being
involved in defence deals.[91][92] This was
due to the emergence of allegations
against certain Indian politicians and
defence officials of receiving payoffs to
clinch the deal the between Bofors and the
Indian Government.[92][93]

Despite the fact that arms dealers or arms

agents are controversial within the defence
sector, it has been reported that their role
and involvement is critical for any defence
deal to take place between foreign
defence companies and the Indian
Government.[94][89] Allegedly, arms agents
can manipulate the procurement process
because they have the means to pay
substantial commissions to politicians,
military officials and bureaucrats, therefore
making them ever-present in defence
deals.[85] In addition to this, members of
the Ministry of Defence and military
officials have stated that arms agents
have the power to manipulate what is
written in weapons test reports, and
General V.K Singh, a former Indian Chief of
the Army Staff, stated that the reach of
lobbyists within the Defence Ministry
extends to the level where agents have
access to classified intelligence and know
the inner workings of the ministry.[95][96]

According to the Central Bureau of

Investigation (CBI), Vipin Khanna, Sudhir
Choudhrie and Suresh Nanda were the
three largest and most powerful arms
dealers.[97][98][99] Allegedly, Khanna,
Choudhrie and Nanda, started dominating
the defence sector since before the Bofors
Scandal in the 1980s, and their families
have maintained their positions.[97][100][101]
Supposedly, their commissions from arms
deals could be up to as high as 15%.[97]
Reportedly, Khanna, Choudhrie and Nanda
played critical roles in getting defence
deals approved because they have the
capabilities to get a deal through the
political and bureaucratic procurement
process, due to their influence and
connections within India.[98][85] All three
men and members of their families have
been accused in several defence scandals,
however none of the allegations against
them have ever been proven.[102][101][103]

Several other individuals have also been

alleged or rumoured to be smaller arms
dealers or arms agents. This includes
Abhishek Verma, who reportedly portrayed
himself to be a powerful arms dealer, but
according to the CBI, Verma was merely
pretending to be in that position and
according to Verma's associates, who
spoke anonymously to the Economic
Times for their article, Verma had created
a false image of both his business and his
wealth.[97][104] In 2012, Verma was
arrested by the CBI for violating the Official
Secrets Act, but in 2017, Verma was
discharged by the courts due to lack of
evidence against him.[105][106] Another
individual accused of being an arms dealer
is Sanjay Bhandari, who fled to the United
Kingdom in 2016, and is currently fighting
an extradition case, as the Indian
Government wants Bhandari extradited to
India, to face charges of money laundering
and tax evasion.[107][108] The CBI also
accused Mohinder Singh Sahni of being a
small time arms dealer, during an
investigation probe into him.[97][109]
In addition to this, non-Indian citizens have
also been accused for allegedly giving
bribes and kickbacks to influence defence
deals in India. For example Christian
Michel, a British citizen, who was
extradited to India from the United Arab
Emirates in 2018.[110] Michel has been
accused by the CBI and the Enforcement
Directorate, of being one of the middlemen
in the 2013 Indian helicopter bribery
scandal, and has been in judicial custody
in India for over five years, with his bail
being denied by the Indian
courts.[110][111][112]
See also

Military–industrial complex
Space industry of India
Economy of India

References

1. "The seven homegrown firms fighting over

India's $620 billion defence market" (http://
qz.com/346941/the-seven-homegrown-fir
ms-fighting-over-indias-620-billion-defence-
market/) . Quartz. 20 February 2015.
Retrieved 12 November 2015.
2. "29 Largest Armies In The World" (https://w
ww.worldatlas.com/articles/29-largest-arm
ies-in-the-world.html) . WorldAtlas.
Retrieved 5 September 2019.

3. " 'Small increase': Chinese state media

takes a dig at India's defence budget" (http
s://www.businesstoday.in/union-budget-20
21/small-increase-chinese-state-media-tak
es-dig-india-defence-budget/story/430294.
html) . Business Today. 4 February 2021.
Archived (https://web.archive.org/web/202
10204121121/https://www.businesstoday.i
n/union-budget-2021/small-increase-chines
e-state-media-takes-dig-india-defence-budg
et/story/430294.html) from the original on
4 February 2021. Retrieved 25 March 2021.
4. Iiss, ed. (17 January 2018). The Military
Balance 2009.
doi:10.4324/9781351225946 (https://doi.o
rg/10.4324%2F9781351225946) .
ISBN 9781351225946.

5. Pandit, Rajat (4 August 2020). "Draft policy

seeks self-reliance for India in defence
production" (https://timesofindia.indiatimes.
com/india/govt-comes-out-with-draft-defen
ce-production-policy-to-boost-indigenous-w
eapons-exports/articleshow/77336027.cm
s) . The Times of India. Retrieved 15 July
2022.
6. India plans to be among top 5 defence
producers (https://conradcourier.com/india
-plans-to-be-among-top-5-defence-producer
s/) Archived (https://web.archive.org/web/
20191105095120/https://conradcourier.co
m/india-plans-to-be-among-top-5-defence-p
roducers/) 5 November 2019 at the
Wayback Machine, Conrad Courier, 5
November 2019.

7. "Nearly half of US arms exports go to the

Middle East" (https://www.theguardian.co
m/world/2018/mar/12/nearly-half-of-us-ar
ms-exports-go-to-the-middle-east) .
Guardian. 12 March 2018. Retrieved
16 October 2018.
8. Wezeman, Pieter D.; Fleurant, Aude;
Kuimova, Alexandra; Tian, Nan; Wezeman,
Siemon T. (March 2018). "Trends in
international arms transfers 2017" (https://
www.sipri.org/publications/2018/sipri-fact-
sheets/trends-international-arms-transfers-
2017) . sipri.org. SIPRI. Retrieved
16 October 2018.

9. DRDO chief urges for indigenous defence

production (https://economictimes.indiatim
es.com/news/defence/drdo-chief-urges-for
-indigenous-defence-production/articlesho
w/71350864.cms) , The Economic Times,
28 September 2019.
10. "India is world's second largest arms
importer" (https://www.thehindu.com/new
s/national/india-is-worlds-second-largest-ar
ms-importer/article26502417.ece) . The
Hindu. 11 March 2019. Archived (https://we
b.archive.org/web/20200505170645/http
s://www.thehindu.com/news/national/india
-is-worlds-second-largest-arms-importer/ar
ticle26502417.ece) from the original on 5
May 2020.

11. "Military budget of India 2018" (https://idsa.

in/issuebrief/defence-budget-2018-19-cont
rolling-manpower-cost-lkbehera-020218) .
idsa.in. IDSA. Retrieved 16 October 2018.
12. Full Speech: Finance Minister Arun Jaitley's
Budget Speech | Union Budget 2017–18 (ht
tps://www.youtube.com/watch?v=hsMKW-
pJIc0&t=1h9m4s) , 1 February 2017,
retrieved 1 February 2017

13. "Defence Manufacturing in India -

Companies & Investment Opport" (https://w
eb.archive.org/web/20190103071510/http
s://www.investindia.gov.in/sector/defence-
manufacturing) . Archived from the original
(https://www.investindia.gov.in/sector/defe
nce-manufacturing) on 3 January 2019.
14. Samanta, Pranab Dhal. "Defence BANK:
Why unlocking defence land bank to meet
military's needs isn't a bad idea" (https://eco
nomictimes.indiatimes.com/news/defenc
e/view-why-unlocking-defence-land-bank-to
-meet-militarys-needs-is-a-good-idea/article
show/71911296.cms) . The Economic
Times. Retrieved 15 July 2022.

15. Pubby, Manu. "GST on Defence Imports:

Customs, GST relief to give Rs 60,000-cr
boost to defence" (https://economictimes.i
ndiatimes.com/news/defence/customs-gst
-relief-to-give-rs-60000-cr-boost-to-defenc
e/articleshow/71861506.cms) . The
Economic Times. Retrieved 15 July 2022.
16. Pandit, Rajat (16 March 2021). "India's
weapon imports fell by 33% in last five
years but remains world's second-largest
arms importer" (https://timesofindia.indiati
mes.com/india/indias-weapon-imports-fell-
by-33-in-last-five-years-but-remains-worlds-
second-largest-arms-importer/articleshow/
81516403.cms) . The Times of India.
Retrieved 26 April 2022.
17. Radhakrishnan, Vignesh; Nihalani, Jasmin
(22 March 2022). "Data | India reduced
arms imports from Russia, while China's
dependency increased" (https://www.thehin
du.com/data/data-india-reduced-arms-imp
orts-from-russia-while-chinas-dependency-i
ncreased/article65248748.ece) . The
Hindu. ISSN 0971-751X (https://www.world
cat.org/issn/0971-751X) . Retrieved
26 April 2022.
18. Philip, Snehesh Alex (14 January 2022).
"From choppers to missiles, Modi govt cuts
defence foreign shopping list, favours Make
in India" (https://theprint.in/defence/from-c
hoppers-to-missiles-modi-govt-cuts-defenc
e-foreign-shopping-list-favours-make-in-indi
a/803701/) . ThePrint. Retrieved 26 April
2022.

19. "Defence Minister to release third positive

indigenisation list on Thursday" (https://ww
w.business-standard.com/article/pti-storie
s/rajnath-to-release-third-positive-indigenis
ation-list-on-thursday-122040601115_1.ht
ml) . Business Standard India. Press Trust
of India. 6 April 2022. Retrieved 26 April
2022.
20. "World Development Indicators" (http://wdi.
worldbank.org/table/5.7) .
wdi.worldbank.org. Retrieved 26 March
2021.

21. Unnithan, Sandeep (21 October 2019). "Why

the army's changed mindset on indigenous
technology is a relief" (https://www.indiatod
ay.in/india-today-insight/story/why-the-arm
y-s-changed-mindset-on-indigenous-technol
ogy-is-a-relief-1611391-2019-10-21) . India
Today. Retrieved 15 July 2022.
22. NEWS Army wants DRDO to take in more of
its personnel on deputation, give them
more access (https://liistudio.com/army-w
ants-drdo-to-take-in-more-of-its-personnel-o
n-deputation-give-them-more-access/1602
5/) Archived (https://web.archive.org/we
b/20191105095117/https://liistudio.com/a
rmy-wants-drdo-to-take-in-more-of-its-perso
nnel-on-deputation-give-them-more-access/
16025/) 5 November 2019 at the Wayback
Machine, liistudio.com, 18 October 2019.

23. "Rajnath Singh Pushes For Indigenisation Of

Defence Equipment" (https://www.ndtv.co
m/india-news/union-defence-minister-rajnat
h-singh-pushes-for-indigenisation-of-defenc
e-equipment-2117431) . NDTV.com.
Retrieved 15 July 2022.
24. "Diplomatic concerns prompt govt to abort
export of Mine Protected Vehicles to Iraq"
(https://www.indiatoday.in/magazine/defen
ce/story/20060403-diplomatic-concerns-pr
ompt-govt-to-abort-export-of-mine-protecte
d-vehicles-to-iraq-783491-2006-04-03) .

25. "Defence Exports | Department of Defence

Production" (https://ddpmod.gov.in/defenc
e-exports) .

26. "Customers | Directorate of Ordnance

(Coordination and Services) | Government
of India" (https://ddpdoo.gov.in/pages/cust
omers) . Ddpdoo.gov.in. 6 June 2022.
Retrieved 12 August 2022.
27. "We're making Ordnance factories future
ready, says OFB Chairman Dimri" (https://w
ww.thehindubusinessline.com/todays-pape
r/tp-others/tp-editorial-feature/Were-makin
g-Ordnance-factories-future-ready-says-OF
B-Chairman-Dimri/article20342141.ece) .
28 September 2011.

28. "Make in India for the world: India's defence

export jumps seven fold in two years" (http
s://www.defencestar.in/defence-industry/in
dias-defence-export-make-in-india-for-the-w
orld-indias-defence-exports-jump-seven-fol
d-in-two-years/amp) . Defence Star. 14
February 2020.
29. Peri, Dinakar (16 December 2021). "The
growth of India's defence exports" (https://
www.thehindu.com/news/national/the-gro
wth-of-indias-defence-exports/article37966
675.ece?homepage=true) . The Hindu.

30. "After Mauritius, India to export warships to

Sri Lanka - the Times of India" (https://web.
archive.org/web/20150505031527/http://ti
mesofindia.indiatimes.com/india/After-Mau
ritius-India-to-export-warships-to-Sri-Lanka/
articleshow/45585454.cms) . The Times of
India. Archived from the original (http://time
sofindia.indiatimes.com/india/After-Mauriti
us-India-to-export-warships-to-Sri-Lanka/art
icleshow/45585454.cms) on 5 May 2015.
Retrieved 18 September 2017.
31. "Royal Thai Army to purchase over 600
TATA LPTA military trucks from India" (http
s://thepattayanews.com/2020/08/27/royal
-thai-army-to-purchase-over-600-tata-lpta-m
ilitary-trucks/) . 27 August 2020.

32. "After Pinaka Rockets, Armenia Buys Indian

Anti-Drone System to Fight Azerbaijan's
Kamikaze UAVs" (https://www.eurasiantime
s.com/after-pinaka-rockets-armenia-buys-in
dian-anti-drone-system/) . 7 November
2023.

33. Majumdar, Arkamoy Dutta (30 November

2017). "India looking to scale up military
hardware exports" (https://www.livemint.co
m/Industry/Ujng65JNmdIJKyZR7F2LDI/Ind
ia-looking-to-scale-up-military-hardware-ex
ports.html) . Mint.
34. Pubby, Manu (3 August 2019). "In its largest
ever export order, OFB to supply 50,000
Bofors shells to UAE" (https://economictim
es.indiatimes.com/news/defence/in-its-larg
est-ever-export-order-ofb-to-supply-50000-
bofors-shells-to-uae/articleshow/7050146
1.cms?from=mdr) . The Economic Times.

35. "MINISTRY OF DEFENCE - YEAR END

REVIEW 2023" (https://pib.gov.in/PressRele
aseIframePage.aspx?PRID=1989502) .
Press Information Bureau. 22 December
2023. Retrieved 24 December 2023.
36. "2023 witnesses record defence exports,
all-time high productions" (https://timesofin
dia.indiatimes.com/business/india-busines
s/2023-witnesses-record-defence-exports-
all-time-high-productions/articleshow/1062
59005.cms?from=mdr) . The Times of
India. 25 December 2023. ISSN 0971-8257
(https://www.worldcat.org/issn/0971-825
7) . Retrieved 25 December 2023.

37. "Financial Results 31.03.2020 Data from

BSE Site" (https://www.bseindia.com/stock-
share-price/bharat-dynamics-ltd/bdl/54114
3/financials-results/) .

38. https://www.bel-
india.in/Documentviews.aspx?
fileName=Annaul-Report-2019-20-07-09-
2020.pdf
39. "Balance Sheet 31.03.2020" (https://www.b
emlindia.in/writereaddata/Downloads/202
006291135March2020.pdf) .

40. "Annual report 2018-19" (https://www.ecil.c

o.in/annual_reports/52nd_ECIL_Annual_Re
port_2018_19_English.pdf) .

41. "Balance Sheet 31.03.2020" (http://www.gr

se.in/pdf/investors/Audited_Financial_Resu
lts_for_the_quarterandyear_ended_31Mar2
020%20and%20Recom%20of%20Div.pdf) .

42. http://www.grse.in/pdf/investors/Annual%2
0Report%202018-19_GRSE.pdf

43. "Balance Sheet 31.03.2020" (https://goashi

pyard.in/file/2020/09/Annual-Report-for-FY
-2019-20-Final.pdf) .
44. "HAL Financial 2020" (https://hal-india.co.i
n/Common/Uploads/Finance/AuditedFinan
cialResultsMarch2020.pdf) (PDF).

45. https://hal-
india.co.in/Common/Uploads/Finance/Ann
ual%20Report%202018-19.pdf

46. https://mazagondock.in/writereaddata/pdf
_doc/Annual_Reports/Annual_Report_Engli
sh_2017-2018.pdf

47. "Mazagon Dock Shipbuilders Limited – Ship

Builder to the Nation" (https://web.archive.o
rg/web/20160419125020/http://www.maz
agondock.gov.in/newsite2010/index.htm) .
mazagondock.gov.in. Archived from the
original (http://www.mazagondock.gov.in/n
ewsite2010/index.htm) on 19 April 2016.
Retrieved 20 April 2016.
48. "Mishra Dhatu Nigam Profit and Loss
Reports" (https://economictimes.indiatime
s.com/mishra-dhatu-nigam-ltd/profitandlos
e/companyid-4499.cms) .

49. https://www.sebi.gov.in/sebi_data/attachdo
cs/apr-2018/1522924415143.pdf

50. "::Mishra Dhatu Nigam

Limited::Home::,superalloy, titanium, special
steel industry" (https://web.archive.org/we
b/20160501140436/http://www.midhani.g
ov.in/) . midhani.gov.in. Archived from the
original (http://www.midhani.gov.in/) on 1
May 2016. Retrieved 20 April 2016.

51. "2nd Annual Report 2020-21" (https://uadnl.

com/wp-content/uploads/2021/09/Annual-
Report-2020-21.pdf) .
52. Singh, Navdeep (25 May 2023). "PTC
Industries shares jump over 8% after
subsidiary gets IAI approval for
components" (https://economictimes.indiat
imes.com/markets/stocks/news/ptc-indust
ries-shares-jump-over-8-after-subsidiary-get
s-iai-approval-for-components/articleshow/
100494253.cms) . The Economic Times.
ISSN 0013-0389 (https://www.worldcat.or
g/issn/0013-0389) . Retrieved 1 August
2023.
53. Singh, Navdeep (25 May 2023). "PTC
Industries shares jump over 8% after
subsidiary gets IAI approval for
components" (https://economictimes.indiat
imes.com/markets/stocks/news/ptc-indust
ries-shares-jump-over-8-after-subsidiary-get
s-iai-approval-for-components/articleshow/
100494253.cms?from=mdr) . The
Economic Times.

54. "CRISIL reaffirms ratings of Astra

Microwave Products" (https://www.busines
s-standard.com/article/news-cm/crisil-reaf
firms-ratings-of-astra-microwave-products-
122032800709_1.html) . Retrieved
1 August 2023.
55. https://www.business-
standard.com/content/press-releases-
ani/apollo-micro-systems-ltd-is-setting-up-
a-state-of-the-art-defence-equipment-
manufacturing-facility-at-hyderabad-
123100200590_1.html

56. "Avantel to Supply Power Amplifier

Modules to Bharat Electronics" (https://ww
w.marketscreener.com/quote/stock/AVAN
TEL-LIMITED-20701922/news/Avantel-to-S
upply-Power-Amplifier-Modules-to-Bharat-E
lectronics-44684314/) . 23 August 2023.
Retrieved 24 August 2023.
57. "External link" (https://www.outlookindia.co
m/business-spotlight/crown-group-defence
-undertakes-mro-activities-of-indian-navy-sh
ips-submarines-aviation-assets-news-2188
78) . 25 August 2022.

58. "Data Patterns will transition to end-

systems, scale up exports in four years" (htt
ps://www.cnbctv18.com/business/compan
ies/data-patterns-will-transition-to-end-syst
ems-scale-up-exports-in-four-years-162603
41.htm) . 24 March 2023.

59. "Defsys Solutions Delivered Counter Drone

Systems to Indian Forces: Col. S.Gupta" (htt
ps://www.hindustantimes.com/brand-post/
defsys-solutions-delivered-counter-drone-sy
stems-to-indian-forces-col-sgupta-1016183
13594920.html) . 13 April 2021.
60. " "DCX Systems Building India's Aerospace
& Defence Giant for an Aatmanirbhar
Bharat" " (https://www.entrepreneur.com/en
-in/technology/dcx-systems-building-indias-
aerospace-defence-giant-for/452490) . 22
May 2023.

61. "Stock watch: HBL Power nearly triples in 6

months; defence, railway play driving gains"
(https://www.moneycontrol.com/news/busi
ness/stocks/stock-watch-hbl-power-nearly-
triples-in-6-months-defence-railway-play-dri
ving-gains-11453241.html) . 29 September
2023.
62. "High tech battery innovations may get a
PLI push" (https://www.livemint.com/indust
ry/manufacturing/production-incentives-to-f
uel-battery-innovations-on-cards-11649185
815999.html) . 6 April 2022.

63. "External link" (https://www.kinecogroup.co

m) . www.kinecogroup.com.

64. "Krishna Defence Shares Hit Record High

After Securing Order from Defence
Ministry" (https://www.bqprime.com/marke
ts/krishna-defence-shares-hit-record-high-a
fter-securing-order-from-defence-ministr
y) . 10 May 2023.
65. "MEIL Enters Defence Equipment
Manufacturing" (https://www.prnewswire.c
om/in/news-releases/meil-enters-defence-
equipment-manufacturing-826622385.htm
l) (Press release).

66. "Another start-up, Brainbox SSO to provide

AI solution during RD Parade" (https://www.
financialexpress.com/business/defence-an
other-start-upbrainbox-sso-to-provide-ai-sol
utionduring-rd-parade-2960399/) . 25
January 2023.

67. "Bengaluru tech gives US, Israeli weapons

eyes" (https://www.livemint.com/companie
s/start-ups/bengaluru-tech-gives-us-israeli-
weapons-eyes-11574009242060.html) . 17
November 2019.
68. "AI for Smart Crime-Fighting" (https://www.
businesstoday.in/magazine/the-buzz/story/
ai-for-smart-crime-fighting-234243-2019-10
-14) . 14 October 2019.

69. "VEM Tech inks pact with HAL for 20 CFL

units for Tejas" (https://www.thehindu.com/
news/national/telangana/vem-tech-inks-pa
ct-with-hal-for-20-cfl-units-for-tejas/article6
6030914.ece) . The Hindu. 19 October
2022.

70. DRDO signs pacts on Transfer of

Technology with 16 companies (https://eco
nomictimes.indiatimes.com/news/defenc
e/drdo-signs-pacts-on-transfer-of-technolo
gy-with-16-companies/articleshow/716521
98.cms) , The Economic Times, 18 October
2019.
71. 50 India Inc representatives to accompany
Rajnath Singh to Russia to explore JVs (http
s://economictimes.indiatimes.com/news/d
efence/50-india-inc-representatives-to-acco
mpany-rajnath-singh-to-russia-to-explore-jv
s/articleshow/71829433.cms) , The
Economic Times, 31 October 2019.

72. ISRO, DRDO sign MoUs for Gaganyaan

mission (https://economictimes.indiatimes.
com/news/science/isro-drdo-sign-mous-for
-gaganyaan-mission/articleshow/7117123
2.cms) , The Economic Times, 17
September.
73. "Make in India: Big role for private firms in
defence" (http://www.livemint.com/Opinio
n/xdix0RjSNhvuX4QBeVSm7I/Make-in-Indi
a-Big-role-for-private-firms-in-defence.htm
l) , Mint, 15 February 2016

74. "India's defence export set to double in next

four years to $4.86 billion" (https://www.def
encestar.in/india-defence-news/defence-in
dustry-india-defence-exports-to-double-in-n
ext-four-years/amp) . Defence Star. 14
February 2020.
75. Pubby, Manu (16 February 2016), "Make in
India: How small tweaks in policy are
drawing domestic and global firms to
defence manufacturing" (http://economicti
mes.com/news/defence/make-in-india-how
-small-tweaks-in-policy-are-drawing-domest
ic-and-global-firms-to-defence-manufacturi
ng/articleshow/51002555.cms) , The
Economic Times

76. "Significant rise in value and number of

cases processed by Defence Services
following delegation of enhanced financial
powers" (https://pib.gov.in/PressReleaseIfr
amePage.aspx?PRID=1582739) .
77. "Post Pulwama, government grants more
financial powers to the 3 services for
weapons" (https://economictimes.indiatime
s.com/news/defence/post-pulwama-gover
nment-grants-more-financial-powers-to-the-
3-services-for-weapons/articleshow/68916
823.cms?from=mdr) . The Economic
Times.

78. "Defence industry received $2.18 million

FDI in 2018-19: Government" (https://econo
mictimes.indiatimes.com/news/defence/d
efence-industry-received-2-18-million-fdi-in-
2018-19-government/articleshow/6996094
9.cms?from=mdr) . The Economic Times.
79. Kaushik, Krishn (10 August 2020).
"Explained: What is the negative imports list
for defence announced by Rajnath Singh?"
(https://indianexpress.com/article/explaine
d/explained-what-is-the-negative-imports-li
st-for-defence-announced-by-rajnath-singh-
6547318/) . The Indian Express. Retrieved
11 August 2020.

80. "Mini UAVs, mine-protected vehicles among

new list of 108 defence items banned for
import | Full List" (https://www.indiatoday.i
n/amp/india/story/mini-uavs-mine-protecte
d-vehicles-among-new-list-of-108-defence-i
tems-banned-for-import-full-list-1809194-2
021-05-31) .
81. "India expands negative list for defence
imports with 108 new items" (https://www.
newindianexpress.com/nation/2021/may/3
1/india-expands-negative-list-for-defence-i
mports-with-108-new-items-2310016.htm
l) . 31 May 2021.

82. "India announces second progressive arms

embargo list to boost domestic defence
production | India News - Times of India" (ht
tps://m.timesofindia.com/india/india-annou
nces-second-progressive-arms-embargo-lis
t-to-boost-domestic-defence-production/a
mp_articleshow/83119389.cms) . The
Times of India. June 2021.
83. Shukla, Ajai (22 February 2021). "Import
embargo on 101 defence items would
encourage self-reliance: PM Modi" (https://
www.business-standard.com/article/econo
my-policy/import-embargo-on-101-defence
-items-would-encourage-self-reliance-pm-m
odi-121022201364_1.html) . Business
Standard India.

84. "Govt bans import of 108 defence items to

boost self-reliance" (https://www.hindustan
times.com/india-news/govt-bans-import-of-
108-defence-items-to-boost-selfreliance-10
1622486811296.html) . June 2021.
85. Inbar, Efraim; Ningthoujam, Alvite Singh
(2012). "Indo-Israeli Defense Cooperation in
the Twenty-First Century" (https://www.rese
archgate.net/publication/266439359) .
Mideast Security and Policy Studies. No.
93: 20–24 – via ResearchGate.

86. "From Bofors to Rafale: Dubious defence

deals that rocked India" (https://www.indiat
oday.in/india/story/from-rafale-to-bofors-d
ubious-defence-deals-that-rocked-india-145
1287-2019-02-08) . India Today. 2019.
Retrieved 4 April 2022.
87. "From Bofors to Rafale: Dubious defence
deals that rocked India" (https://www.indiat
oday.in/india/story/from-rafale-to-bofors-d
ubious-defence-deals-that-rocked-india-145
1287-2019-02-08) . India Today. 8 February
2019. Retrieved 7 April 2022.

88. Yadav, Yatish (13 September 2018).

"Exclusive: Two Indian businessmen linked
to arms dealer Sudhir Choudhrie under
investigation agencies' scanner" (https://w
ww.firstpost.com/india/exclusive-two-india
n-businessmen-connected-to-arms-dealer-s
udhir-choudhrie-under-investigation-agencie
s-scanner-5175751.html) . Firstpost.
Retrieved 5 April 2022.
89. Ramesh, PR (12 May 2016). "Indian Arms
Dealers: The Defence Dynasty" (https://ope
nthemagazine.com/features/india/indian-ar
ms-dealers-the-defence-dynasty/) . Open
The Magazine. Retrieved 5 April 2022.

90. Singh, Ramindar; Badhwar, Inderjit (1986).

"Lobbying for defence contracts is hard
core, brutal and uncompromising" (https://
www.indiatoday.in/magazine/cover-story/st
ory/19860915-lobbying-for-defence-contra
cts-is-hard-core-brutal-and-uncompromisin
g-801221-1986-09-15) . India Today.
Retrieved 5 April 2022.
91. Pandit, Rajat (2013). "India, the world's
largest arms importer doesn't employ a
single authorized agent" (https://economicti
mes.indiatimes.com/news/politics-and-nati
on/india-the-worlds-largest-arms-importer-
doesnt-employ-a-single-authorized-agent/a
rticleshow/18539121.cms?from=mdr) .
The Economic Times. Retrieved 6 April
2022.

92. Ahmed, M. (21 April 1997). "Bofors Ghost

Casts Shadow On Indian Sales Of Arms
Majors" (https://www.business-standard.co
m/article/specials/bofors-ghost-casts-shad
ow-on-indian-sales-of-arms-majors-197042
101011_1.html) . Business Standard India.
Retrieved 6 April 2022.
93. "Bofors scam: A timeline of the 31-year-old,
Rs 1,437-cr India-Sweden deal" (https://ww
w.business-standard.com/article/current-af
fairs/rs-1-437-cr-india-sweden-bofors-guns-
deal-timeline-of-the-31-year-old-case-1171
02100190_1.html) . Business Standard
India. 21 October 2017. Retrieved 6 April
2022.

94. Doval, Nikita (13 January 2015). "The

debate over defence middlemen" (https://w
ww.livemint.com/Politics/ZZHAX9ICUglFcf
CAqsdUMM/The-debate-over-defence-midd
lemen.html) . mint. Retrieved 7 April 2022.
95. Singh, Ramindar; Badhwar, Inderjit (1986).
"Lobbying for defence contracts is hard
core, brutal and uncompromising" (https://
www.indiatoday.in/magazine/cover-story/st
ory/19860915-lobbying-for-defence-contra
cts-is-hard-core-brutal-and-uncompromisin
g-801221-1986-09-15) . India Today.
Retrieved 8 April 2022.

96. Srivastava, Mihir (15 November 2013).

" 'The Arms Lobby Is Very Strong' " (https://
openthemagazine.com/features/india/the-
arms-lobby-is-very-strong/) . Open The
Magazine. Retrieved 8 April 2022.

97. Sarin, Ritu (28 October 2006). "Arms and

the Men" (https://indianexpress.com/articl
e/news-archive/arms-and-the-men-6/) .
The Indian Express. Retrieved 3 July 2022.
 98. Srivastava, Mihir (5 April 2012). "The Men
Who Do Not Exist" (https://openthemagazin
e.com/features/india/the-men-who-do-not-
exist/) . Open The Magazine. Retrieved
8 April 2022.

99. "Nationwide raids" (https://economictimes.i

ndiatimes.com/news/politics-and-nation/na
tionwide-raids/articleshow/2143326.cms?f
rom=mdr) . The Economic Times. 2006.
Retrieved 8 April 2022.

100. Sagar, Pradip R. (23 October 2019). "Role of

AgustaWestland middleman in anti-tank
missile deal under lens" (https://www.thew
eek.in/news/india/2019/10/23/Role-of-Agu
staWestland-middleman-in-anti-tank-missile
-deal-under-lens.html) . The Week.
Retrieved 2 March 2023.
101. "Indian-born Sudhir Choudhrie, son dropped
from bribery probe into Rolls-Royce sales -
Sunday Times" (https://www.reuters.com/a
rticle/rolls-royce-britain-sfo-idINKBN0H20J
E20140907) . Reuters. Reuters. 7
September 2014. Retrieved 8 April 2022.

102. PTI (2016). "CBI registers FIR against NRI

arms dealer in Embraer deal" (https://www.i
ndiatoday.in/pti-feed/story/cbi-registers-fir-
against-nri-arms-dealer-in-embraer-deal-72
7719-2016-10-21) . India Today. Retrieved
8 April 2022.
103. IANS (1 February 2017). "Court accepts
closure report in Barak missile deal" (http
s://www.business-standard.com/article/ne
ws-ians/court-accepts-closure-report-in-bar
ak-missile-deal-117020101010_1.html) .
Business Standard India. Retrieved 8 April
2022.

104. KK, Sruthijith (2012). "Agent Abhishek

Verma: Is he a billionaire behind bars or a
high-living poseur with a trail of debts?" (htt
ps://economictimes.indiatimes.com/agent-
abhishek-verma-is-he-a-billionaire-behind-b
ars-or-a-high-living-poseur-with-a-trail-of-de
bts/articleshow/15239651.cms?from=md
r) . The Economic Times. Retrieved 8 April
2022.
105. Bhalla, Abhishek (2012). "CBI books arms
dealer Abhishek Verma under Official
Secrets Act" (https://www.indiatoday.in/indi
a/north/story/cbi-books-arms-dealer-abhis
hek-verma-under-official-secrets-act-11470
6-2012-08-30) . India Today. Retrieved
8 April 2022.

106. "Court discharges Abhishek Verma in graft

case" (https://economictimes.indiatimes.co
m/news/politics-and-nation/court-discharg
es-abhishek-verma-in-graft-case/articlesho
w/58380997.cms) . The Economic Times.
2017. Retrieved 8 April 2022.
107. Canton, Naomi (4 March 2022). "bhandari:
Extradition hearing begins for Indian arms
dealer Sanjay Bhandari who has fled to UK -
Times of India" (https://timesofindia.indiati
mes.com/world/uk/extradition-hearing-beg
ins-for-indian-arms-dealer-sanjay-bhandari-
who-has-fled-to-uk/articleshow/89978667.
cms) . The Times of India. Retrieved 8 April
2022.

108. Canton, Naomi (2021). "Arms dealer Sanjay

Bhandari extradition hearing fixed for
February 2022 - Times of India" (https://tim
esofindia.indiatimes.com/world/uk/arms-d
ealer-sanjay-bhandari-extradition-hearing-fi
xed-for-february-2022/articleshow/842487
53.cms) . The Times of India. Retrieved
8 April 2022.
109. "Chopper scam: Spotlight on Tyagis for
allegedly acting as middlemen" (https://eco
nomictimes.indiatimes.com/news/politics-
and-nation/chopper-scam-spotlight-on-tyag
is-for-allegedly-acting-as-middlemen/article
show/18508065.cms) . The Economic
Times. 2013. Retrieved 8 April 2022.

110. "AgustaWestland VVIP Chopper Case: Delhi

HC reserves order on British Citizen
Christian Michel bail plea" (https://theprint.i
n/india/agustawestland-vvip-chopper-case-
delhi-hc-reserves-order-on-british-citizen-ch
ristian-michel-bail-plea/837348/) .
ThePrint. 18 February 2022. Retrieved
8 April 2022.
111. "Delhi HC dismisses bail plea of Christian
Michel" (https://www.hindustantimes.com/i
ndia-news/delhi-hc-dismisses-bail-plea-of-c
hristian-michel-101646985472015.html) .
Hindustan Times. 11 March 2022. Retrieved
8 April 2022.

112. "Christian Michel Has Spent Five Years in

Tihar Jail but There's No Word on when His
Trial Will Begin" (https://thewire.in/world/ch
ristian-michel-jail-five-years) .

Retrieved from
"https://en.wikipedia.org/w/index.php?
title=Defence_industry_of_India&oldid=120109515
0"
This page was last edited on 30 January 2024, at
22:39 (UTC). •
Content is available under CC BY-SA 4.0 unless
otherwise noted.