India has made significant strides towards self-reliance in defence manufacturing. Defence production has more than doubled over the past decade, growing from ₹46,429 crore in FY15 to ₹1.27 lakh crore in FY24. The government expects this figure to rise to ₹1.6 lakh crore in FY25.
Between 2019-20 and 2023-24, defence production grew at a compound annual growth rate (CAGR) of 12%, surpassing the 11.2% growth rate recorded in the government’s first term. On January 15, Prime Minister Narendra Modi commissioned three indigenously designed and developed naval combatants. These include INS Surat, with 75% indigenous components, and INS Nilgiri, designed by the Indian Navy’s Warship Design Bureau.
This push for indigenous defence production has also bolstered India’s export capabilities. Defence exports in FY24 reached ₹21,083 crore, marking a 33% increase from the previous year. Since FY15, defence exports have expanded tenfold from ₹1,900 crore.
Despite the robust growth, private sector participation in defence production has remained limited. Private firms accounted for only 19-21% of total production between 2016-17 and 2023-24, according to Defence Ministry data.
Defence public sector undertakings (PSUs) continue to dominate. Their share in total production rose from 54.6% in 2016-17 to 58.4% in 2023-24. Conversely, the share of new defence PSUs fell from 20% to 15.3% during the same period.
India’s defence manufacturing is not only meeting domestic needs but also strengthening its global footprint. The government’s push for self-reliance and export-oriented growth has laid the foundation for a more robust and sustainable defence sector.
Also Read: India’s Electronics Exports Surge 35% To $3.58 Billion In December; Reach 24-Month High
Gautam Adani, Chairman of the Adani Group, visited Puri in Odisha during the annual Rath…
Acharya Pramod Krishnam, stirred political debate by claiming an 'internal emergency' still exists within the…
Taking a crucial step toward positive transformation, social reform, and global peace, the Muslim Rashtriya…
India has been chosen to host the prestigious 2029 World Police and Fire Games in…
Gautam Adani, along with his wife and Karan, participated in the Rath Yatra in Puri,…
PM Narendra Modi interacted with Group Captain Shubhanshu Shukla, the first Indian to reach the…