New Delhi — Indian defence manufacturers have sharply increased shipments of ammunition and related products to selected European buyers since the outbreak of the Russia–Ukraine war, a Bloomberg report published on 24 October says. According to Bloomberg, exports in specified ammunition categories reached at least $872 million in the four years following the war’s outbreak, compared with about $49.2 million in the prior four-year period — an expansion Bloomberg describes as more than 1,600%.
What Bloomberg reported
Bloomberg's analysis, cited in the report, says the rapid rise in demand across Europe for artillery shells, mortar ammunition and other munitions has opened markets for Indian suppliers. The report states India has become the second-largest supplier of these specific ammunition categories to 13 Eastern and Central European countries, trailing only South Korea.
- Value of exports in four years after the war began: $872 million.
- Value in the preceding four-year period: $49.2 million.
- Countries where demand rose include: Poland, Romania, Bulgaria, Croatia and the Czech Republic.
Bloomberg emphasises that these figures cover particular classes of ammunition and associated products, not India’s entire defence-export portfolio. The report links the rise to the sustained demands created by the conflict in Ukraine, which has prompted several European states to replenish stockpiles and to source supplies from new suppliers.
Industry and policy context
The Bloomberg figures build on an ongoing trend in which Indian firms and public‑sector manufacturers have sought export opportunities beyond traditional markets. The report notes the surge came as European countries sought to refill inventories and to support Ukraine, creating openings for suppliers able to meet technical and delivery requirements.
Indian exports to Europe listed by Bloomberg include artillery shells, mortar ammunition and explosive ordnance. The report frames the region as significant for Indian manufacturers because it presents contract opportunities in addition to large domestic orders.
| Period | Reported value |
|---|---|
| Four years after outbreak of Russia–Ukraine war | $872 million |
| Preceding four-year period | $49.2 million |
Bloomberg’s figures are drawn from trade data and cover specified ammunition categories; they do not constitute a Ministry of Defence statement. The Ministry of Defence has previously published headline defence-export totals for India, but Bloomberg’s report isolates ammunition and related products to show the scale of the shift in that segment of trade.
Industry players and policymakers have for several years sought to expand defence exports under the Government’s Make in India and defence-export push. Bloomberg’s reporting suggests that changing global security dynamics have accelerated demand for Indian suppliers in particular niches of munitions production.
The Bloomberg piece also notes that while India rose to second place among suppliers for those 13 countries, South Korea remained the largest supplier in that market segment. The report lists a number of Eastern and Central European buyers—Poland, Romania, Bulgaria, Croatia and the Czech Republic—where demand for replenishment and new procurement drove imports.
Bloomberg’s analysis is the latest public indication of how the Russia–Ukraine conflict has reshaped defence procurement patterns and supply chains in Europe, creating opportunities for non-traditional suppliers including India.
