India eyes Rs 50,000 crore defence export target by 2029 as global demand surges
India's defence sector has achieved a remarkable milestone as the country's defence exports surged to Rs 23,622 crore in the financial year 2024-25, marking a 12.04 per cent increase over the previous year's figure of Rs 21,083 crore. While indigenisation in India's defence forces has been underway for several decades, the last 11 years have seen a rapid acceleration, with the country now joining the ranks of elite global players in defence manufacturing.advertisementOnce heavily dependent on imports to meet its defence needs, India is now exporting military hardware to more than 80 countries, including prominent global powers such as the United States and France. Armenia also figures among the top buyers in 2023-24, indicating the growing trust in India's defence capabilities.
Public sector defence undertakings (DPSUs) and private players have both contributed significantly to the export momentum. In 2024-25, DPSUs exported equipment worth Rs 8,389 crore, a sharp 42.85 per cent jump from Rs 5,874 crore in the previous fiscal year.Private companies accounted for Rs 15,233 crore, a marginal increase from Rs 15,209 crore the year before. The Ministry of Defence has set an ambitious target of taking defence exports to Rs 50,000 crore by 2029.This upward trajectory is also evident in the broader scale of defence production. The sector has witnessed a staggering 174 per cent growth over the past decade.advertisementFrom Rs 46,429 crore in 2014-15, India's total defence production has now reached Rs 1,27,265 crore in 2023-24. The government has outlined a long-term goal of scaling domestic defence manufacturing to Rs 3 lakh crore by 2029.One of the key policy initiatives fuelling this growth is the Positive Indigenisation List, under which the Ministry of Defence has banned the import of several hundred categories of weapons, equipment, and spare parts.This has not only reduced dependency on foreign suppliers but also created space for domestic innovation and production, enabling India to meet its own defence requirements with locally made systems.Tune InTrending Reel
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