New Delhi
India’s defence production has seen a significant rise, reaching ₹1.27 lakh crore in FY23-24. Alongside this, defence exports have soared from ₹1,000 crore to ₹21,000 crore, spanning over 90 countries, boosting the nation’s ‘Make in India’ initiative and pushing toward self-reliance in the defence sector.
Defence Minister Rajnath Singh credited this success to the government’s ‘Make in India’ program, launched under PM Modi’s leadership, aimed at making India self-reliant across all sectors. Singh highlighted that over the past decade, significant reforms have been implemented, particularly in the defence sector, positioning India prominently on the global defence industry map.
The Indian Armed Forces are now equipped with domestically manufactured weapons and platforms, and the country is exporting defence products to more than 90 friendly nations. Last month, Singh encouraged US defence companies to collaborate with India in co-developing and co-producing advanced defence systems for global markets.
The Union Budget for 2024-25 has allocated ₹6.22 lakh crore to the Ministry of Defence, the highest allocation among all ministries. Singh emphasized that India’s armed forces are becoming more capable and self-reliant, with an increasing share of defence procurement being sourced domestically.
In the past decade, India has procured approximately ₹6 lakh crore worth of defence equipment from local companies, doubling its defence production. Reports suggest that India’s defence exports are expected to grow at an 18% CAGR from FY24 to FY30, driven by the ‘Make in India’ initiative and a focus on local manufacturing.
