The US, France, and Armenia have become the top three destinations for India's defence exports. According to a report, these three nations accounted for military sales worth Rs 21,083 crore ($2.6 billion) to other countries in 2023-24. Indian public and private sector companies are supplying lethal arms to approximately 100 countries, including BrahMos supersonic cruise missiles, Dornier-228 aircraft, artillery guns, radars, Akash missiles, Pinaka rockets, and armored vehicles.

Armenia has emerged as the largest buyer of 'finished' weapon systems such as Akash air defence missile systems, Pinaka multi-launch rocket systems, and 155mm artillery guns, as reported by TOI. Notably, Armenia was the first foreign customer for the indigenously-developed Akash air defence missiles, which have an interception range of 25 km.

Meanwhile, exports to the US primarily consist of sub-systems and components for major global defence firms like Boeing and Lockheed Martin. These companies have sourced fuselage, wings, and other aircraft and helicopter parts from India as part of their global supply chains. The Tata Boeing Aerospace venture in Hyderabad manufactures fuselage and secondary structures for Apache attack helicopters. Additionally, France is importing significant amounts of software and electronic equipment.

Over the past four years, Armenia has signed multiple agreements with India for the import of missiles, artillery guns, weapon-locating radars, rocket systems, bullet-proof vests, and night-vision gear. Various types of ammunition and artillery shells are also being exported to Armenia, with some defence pacts reportedly signed during Armenia's conflict with Azerbaijan, a key ally of Turkey and Pakistan, over Nagorno-Karabakh.

According to TOI, Brazil has expressed interest in co-producing and co-developing advanced weapon systems. The Indian government has also been approached by ASEAN countries and several Gulf nations regarding the acquisition of BrahMos missiles, which India has co-developed with Russia. Interest in these precision-strike missiles increased after India secured a $375-million contract in January 2022 with the Philippines for three BrahMos anti-ship coastal missile batteries.

With a strong government push for 'Aatmanirbharta' (self-reliance) or 'Make in India,' India is expanding its domestic defence-industrial base (DIB), aiming for an ambitious target of Rs 3 lakh crore by 2028-29, along with arms exports of Rs 50,000 crore. The DIB has now grown to over 430 licensed companies (including 16 defence PSUs) and 16,000 MSMEs, with a threefold increase in production value since 2014-15. The private sector contributes 21% to this growth.

Despite developing lethal weapons domestically, India remains the world's largest arms importer, accounting for 9.8% of total global arms imports between 2019 and 2023.