Global arms revenues hit a record $679 billion in 2024, but Asia and Oceania saw a decline due to a sharp drop in Chinese arms company earnings, largely caused by corruption scandals and contract delays. In contrast, India's top three defense firms posted an 8.2% revenue increase, driven by domestic orders and a focus on military modernization. While China's eight leading arms producers suffered a 10% revenue fall amid political purges and leadership upheaval, India's steady, transparent growth highlights its emerging industrial base. Other Asian powers like South Korea and Japan saw significant gains, while the United States and Europe continued to dominate the global arms market. The shifting dynamics suggest that institutional stability and governance are becoming as important as sheer scale in the regional arms race.