As we monetise our weapons trade

India's no longer merely a buying market for weapons technology and armaments. The recent elevation of India-Sweden relations to 'strategic partnership' underscores this transformation. The current phase of global disorder, marked by the erosion of long-standing security arrangements, is prompting middle powers like India to focus on building indigenous defence capabilities. Defence cooperation is rapidly emerging as a key pillar of strategic relationships among these states. The strategic partnership centres on cooperation in shipbuilding, aerospace and advanced sensor technologies - areas where Swedish expertise complements India's expanding industrial and manufacturing base.

Lest anyone utter the word 'Bofors', India's roster of defence co-development and co-production partners have been expanding. The decision in the 2000s to open the defence sector to private investment, introduction of strategic partnership models linking Indian firms with global defence manufacturers, pushing for localisation and IP creation under 'Make in India', and efforts to integrate MSMEs and startups into defence innovation ecosystems have collectively strengthened India's ability to participate in, and capture a share of, rising global defence demand.

Benefits of diversifying supply chains and reducing import dependence through co-production while leveraging comparative advantages have become important. Defence industries have historically been powerful drivers of economic growth, industrial competitiveness and technological advancement - factors that are relevant for both India and Europe. Robust defence partnerships can stimulate job creation, accelerate R&D and generate technological spillovers with applications far beyond the sector.