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India’s defence production reaches Rs 1.27 trillion; exports to 90+ countries
Industry News- Sep 27,24
India's defence exports crossed Rs 210 billion for the first time in 2023-24, and the ministry has set a target to increase this figure to Rs 500 billion within the next five years.
India's defence production hit an all-time high of Rs 1.27 trillion in the fiscal year 2023-24, with military exports reaching over 90 countries, according to Defence Minister Rajnath Singh. The achievement coincides with the 10th anniversary of the 'Make in India' initiative, introduced by Prime Minister Narendra Modi to promote self-reliance across multiple sectors, including defence.
Reflecting on the decade of reforms, Singh stated, "Ten years on, we have implemented transformative changes in every sector, especially in defence. India is emerging as a key player in the global defence industry."
India's defence exports crossed Rs 210 billion for the first time in 2023-24, and the ministry has set a target to increase this figure to Rs 500 billion within the next five years. Despite being one of the largest arms importers globally, the Indian government has been actively pushing for greater domestic manufacturing to reduce dependency on foreign military platforms.
With the Indian armed forces projected to spend about $130 billion on capital procurement by 2029, the government aims for a defence manufacturing turnover of $25 billion in the next five years. To support this goal, in May 2020, the government increased the Foreign Direct Investment (FDI) limit in the defence sector from 49% to 74% under the automatic route, with 100% FDI allowed in select cases.
(ET)
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