4460 charts, 4380 live

Exports are around 15% of production value. India builds mainly for itself; the export story is real but small against the domestic order book.

Capital outlay sits near 26-27% of the budget. Revenue expenditure — pay and pensions — crowds out modernisation, and this ratio has barely moved in a decade.

Roughly 15% of committed corridor investment has been grounded. This single chart is the best corrective to announcement-driven infrastructure reporting.

Supplier diversification is the clearest structural win: Russia fell from 72% to 36% of Indian arms imports in a decade. India is nonetheless still the world's second-largest importer.

Nominal rupees, not inflation-adjusted. Roughly a third of the 2013-14 to 2025-26 growth is rupee inflation and depreciation.

Nominal rupees, not inflation-adjusted. Roughly a third of the 2013-14 to 2025-26 growth is rupee inflation and depreciation.

Nominal rupees, not inflation-adjusted. Roughly a third of the 2013-14 to 2025-26 growth is rupee inflation and depreciation.

Nominal rupees, not inflation-adjusted. Roughly a third of the 2013-14 to 2025-26 growth is rupee inflation and depreciation.

Nominal rupees, not inflation-adjusted. Roughly a third of the 2013-14 to 2025-26 growth is rupee inflation and depreciation.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

FY2024-25 was first announced as ₹1,50,590 crore and later restated to ~₹1.54 lakh crore once remaining private-sector returns were counted. The revised figure is shown and flagged.

Direction of 'good' is genuinely contested: a higher private share signals a broader industrial base, but says nothing about whether the output is indigenous or competitively priced.

Direction of 'good' is genuinely contested: a higher private share signals a broader industrial base, but says nothing about whether the output is indigenous or competitively priced.

Much of the private share is components and sub-assemblies feeding foreign primes, not finished platforms sold under an Indian badge.

Much of the private share is components and sub-assemblies feeding foreign primes, not finished platforms sold under an Indian badge.

An authorisation is a permission to export, not a completed sale. Counts breadth of exporter participation rather than value.

An authorisation is a permission to export, not a completed sale. Counts breadth of exporter participation rather than value.

Includes pensions, which are roughly a fifth of the total and buy no new capability. Comparisons with China's or America's budgets that ignore this overstate India's usable defence spend.

Includes pensions, which are roughly a fifth of the total and buy no new capability. Comparisons with China's or America's budgets that ignore this overstate India's usable defence spend.

Includes pensions, which are roughly a fifth of the total and buy no new capability. Comparisons with China's or America's budgets that ignore this overstate India's usable defence spend.