Defence Is The Theme Of This Decade, Says Gurmeet Chadha Amid Ongoing Venezuela Crisis

Defence is increasingly emerging as one of the defining themes of the decade, a view strongly articulated by market veteran Gurmeet Chadha, and one that finds renewed relevance amid the ongoing crisis in Venezuela and rising global geopolitical tensions.

In a post on X, Chadha the Managing Partner & CIO at Complete Circle argued that the true strength of a nation today does not lie in oil reserves, natural resources, export competitiveness or even foreign exchange buffers. Instead, it rests on military power and advanced defence capabilities that protect sovereignty, safeguard business interests and preserve national dignity. “Defence is the biggest theme of the decade,” he said.

The situation in Venezuela has once again highlighted how fragile economic strength can be without credible military and strategic backing. Despite possessing some of the world’s largest proven oil reserves, the country continues to struggle with political instability, sanctions, external pressures and internal unrest.

According to Bloomberg, analysts and traders say it could easily take years for critical infrastructure to be fully repaired and for oil to freely flow out of Venezuela, which currently accounts for less than 1% of global supplies even though it has the world’s largest reserves.  

The crisis serves as a stark reminder that natural resources alone cannot guarantee stability or influence in a world where power equations are increasingly shaped by defence preparedness and strategic deterrence.

Against this global backdrop, India’s renewed focus on defence modernisation appears both timely and strategic. Over the past week, the Ministry of Defence has signed contracts worth Rs 4,666 crore to strengthen the operational readiness of the armed forces.

A key component of the deal includes the procurement of over 4.25 lakh Close Quarter Battle (CQB) Carbines, along with accessories, worth Rs 2,770 crore. The firearms will be supplied by Bharat Forge Ltd and PLR Systems Pvt. and will be inducted into both the Indian Army and the Indian Navy. The move forms part of the government’s broader push to modernise infantry equipment and enhance battlefield lethality and effectiveness.

In addition, the ministry signed a contract worth approximately Rs 1,896 crore for the procurement and integration of 48 Heavy Weight Torpedoes for the Indian Navy’s Kalvari Class submarines under Project 75. These torpedoes will be sourced from WASS Submarine Systems S.R.L. of Italy.

The acquisition is intended to significantly enhance the combat capability of the six Kalvari Class submarines. Deliveries are scheduled to begin in April 2028 and conclude by early 2030. According to the ministry, the torpedoes feature advanced technological attributes and underscore the government’s commitment to inducting niche and high-end weapon systems.

These developments come against the backdrop of an aggressive capital expenditure push by the Ministry of Defence. In fiscal 2026, the ministry has already signed capital contracts amounting to Rs 1,82,492 crore aimed at modernising the armed forces. Further momentum was added earlier this week when India’s Defence Acquisition Council approved a mega spending outlay of Rs 79,000 crore.