The Stockholm International Peace Research Institute (SIPRI) has reported a significant surge in global arms revenues, reaching a record $679 billion in 2024, driven by escalating conflicts in Ukraine and Gaza. The data highlights a 5.9 percent increase from the previous year and reflects the growing demand for defense capabilities amid geopolitical uncertainties. Notably, India’s defense revenues grew by 8.2 percent, underscoring its commitment to indigenization and self-reliance in defense manufacturing. Furthermore, the report indicates that nine companies from the Middle East, including prominent Turkish and Israeli firms, achieved combined revenues of $31 billion, enhancing the region’s defense industrial base and posing strategic challenges to established powers. This evolving landscape presents India with opportunities to strengthen collaborations in counter-drone technologies and missile systems while addressing regional instabilities and reinforcing its indigenous defense capabilities to counter potential threats. The report also emphasizes vulnerabilities in global supply chains, particularly with a decline in Chinese revenues, indicating that India can leverage these dynamics through diversified sourcing and domestic production enhancements.