India's defence production hits record Rs 1.27 lakh crore with global exports to over 90 countries
defence production hit a record high of Rs 1.27 lakh crore in 2023-24, with the country exporting military hardware to over 90 nations, Defence Minister Rajnath Singh announced on Wednesday. The milestone aligns with the 10th anniversary of the 'Make in India' programme under the NDA government.
Started under Prime Minister Narendra Modi, this initiative aimed to achieve self-reliance across various sectors, including defence. Singh noted, «Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world.»
In recent years, several measures were taken to promote domestic defence manufacturing, focusing on enhancing military preparedness, particularly along the China border. Defence exports surpassed Rs 21,000 crore for the first time in 2023-24. The ministry targets increasing this to Rs 50,000 crore within five years.
India remains one of the largest arms importers globally. The Indian armed forces are expected to spend about USD 130 billion on capital procurement by 2029. To reduce reliance on imported military platforms, the government supports domestic defence manufacturing.
The defence ministry aims for a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing within five years. In May 2020, the government raised the FDI limit in the defence sector from 49% to 74% under the automatic route, allowing 100% FDI in specific cases.
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