The serious business of war: India, China reshape global defence trade

In a fast-expanding global arms market, India has emerged as largest importer even as it develops an indigenous defence sector. Meanwhile, China has emerged as the biggest challenger to US hegemony

A marked surge in global arms transfers between 2011 and 2024, compared to the 2000–10 period, has been highlighted in a new analysis of international arms import-export data by the Stockholm International Peace Research Institute (Sipri), a leading authority on global security. According to Sipri’s data, the United States (US) continues to dominate the global arms market, posting $316.75 billion in arms revenue in 2023 — more than three times the total of second-ranked China. In a notable shift, China, despite being a major military force, reduced its arms imports by 47 per cent, signalling growing domestic capabilities and an