New Delhi, Sep 26
As India’s defence production surged to Rs 1.27 lakh crore in FY23-24, the exports have also soared from Rs 1,000 crore to Rs 21,000 crore, spanning across over 90 nations, further giving a push to the country's 'Make in India' programme towards achieving ‘Atmanirbharta’ in the defence sector.
According to Defence Minister Rajnath Singh, the government under Prime Minister Narendra Modi’s astute leadership introduced ‘Make in India’ programme with a vision to make India self-reliant in every domain.
“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,” said Defence Minister.
Indian Armed Forces are using weapons and platforms, which are manufactured on our own soil and we also exporting defence items to more than 90 friendly foreign countries, he informed in a post on X social media platform.
Last month, Rajnath Singh invited US defence companies to work with India, asserting that together, they will co-develop and co-produce for the world.
India is continuously moving towards self-reliance in the manufacturing of weapons, cannons, tanks, fighter ships, helicopters, missile systems, and more for the armed forces.
The Union Budget for 2024-25 has allocated Rs 6.22 lakh crore for the Ministry of Defence, the highest among all ministries.
According to Defence Minister, our forces are becoming more capable and self-reliant, with defence procurement receiving a larger share.
In the past decade, around Rs 6 lakh crore worth of defence equipment has been procured from Indian companies, doubling the country's defence production.
As per reports, India's defence export is estimated to grow at 18 per cent CAGR (compound annual growth rate) from FY24-FY30, driven by the 'Make in India' initiative and thrust on local manufacturing.
Global investment firm Jefferies said this month that the government is also building bilateral relations to promote exports in the global market. Between FY24 to FY30 (estimated), the potential market opportunity for Indian defence companies is expected to rise at 14 per cent CAGR, the report said.
Defence companies will get opportunities worth $90 billion to $100 billion in the Indian market in the next 5 to 6 years. In 2022, India's defence expenditure was 10 per cent of the US expenditure and 27 percent of China's expenditure.