India's arms exports to Europe soar on Europe's rearmament (opens the source in a new tab)
- Bloomberg's analysis of trade data finds Indian makers have shipped at least $872 million of shells, mortar rounds, propellants and explosives to Europe since Russia invaded Ukraine. India is now the No. 2 supplier to a 13-country East and Central European bloc, behind South Korea.
- The Economic Times reports Defence Secretary Rajesh Kumar Singh saying exports hit a record ₹38,424 crore (about €3.6 billion), reach over 80 countries, and make India the third-largest arms exporter to Europe.
- Bloomberg notes the sales undercut Russia, India's main arms supplier, and some Indian shells have reached Ukraine via European buyers; officials say end-user rules put that on the buyer.
- $872m
- Indian ammunition to Europe since 2022 (Bloomberg)
- ₹38,424 cr
- record defence exports, per the Defence Secretary
Why it matters Basic ammunition, not missiles, is building India's arms export base, giving state factories scale and New Delhi leverage in Europe. It also ties India's industry to a war it officially stays out of.
Other side Wartime demand can fade when the war does, and much of what India makes still rests on Russian designs. Shells that reach Ukraine through third countries could cost goodwill in Moscow and invite closer scrutiny.