Defence biggest theme of decade and not oil, natural resources or forex. Gurmeet Chadha explains why

Amid rising geopolitical tensions after the United States’ raid in Venezuela and the capture of President Nicolas Maduro on drug-trafficking charges, global focus has returned to military strength as a cornerstone of national power, while the episode poses potential risks to market sentiment.

In an era where territorial sovereignty, trade interests, and energy routes are increasingly contested, defence preparedness is taking centre stage, not just in diplomacy but also in investment portfolios.

It is in this context that Gurmeet Chadha, Managing Partner and Chief Investment Officer at Complete Circle Consultants, has called defence “the biggest theme of the decade.”


Taking to social media platform X, Chadha stressed that the real power of a nation lies not in its oil reserves or forex stockpiles, but in its military prowess and technological capabilities that safeguard sovereignty, economic interests, and national dignity.

“The biggest strength is not oil reserves, natural resources, export competitiveness, forex reserves…,” he wrote, adding that it is military power and advanced defence capabilities that define a nation's true standing. “Defence is the biggest theme of the decade!!” he concluded in his post.


Chadha underlined the structural significance of the sector at a time when both global and domestic forces are aligning in its favour. His comments echo the broader market sentiment as defence stocks continued their upward momentum on Monday.

As of 1:45 PM on Monday, the Nifty India Defence index had gained 2.03%, buoyed by strong performances across key constituents.

MTAR Technologies shares rallied 4.72%, while the shares of Data Patterns rose 3.75%, and Solar Industries shares gained 3.23%. Bharat Dynamics shares were up by 3.12%, while Astra Microwave and Paras Defence shares were up 3.08% and 2.82% respectively.

Further, the stock of Bharat Electronics advanced 2.70%, GRSE added 2.46%, HAL rose 2.36%, and BEML posted a 1.53% gain.

Also read: BEL, HAL, other defence stocks jump up to 5% after US raids Venezuela

This broad-based rally reflects sustained investor interest in the defence theme, particularly as global risk factors and policy initiatives continue to reshape sectoral priorities.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)