Defence Minister Rajnath Singh announced on Wednesday (September 25) that India’s defense production has reached an all-time high of ₹1.27 lakh crore in terms of value in 2023-24 and that it is currently exporting a variety of military hardware and weapons to over 90 friendly countries.
The minister stated in a post on ‘X’ on the 10th anniversary of the NDA government’s ‘Make in India’ program that the Indian armed forces are now utilizing weapons and platforms manufactured on Indian soil, and the country is gaining traction in the global defense industrial landscape.
Singh stated that the ‘Make in India’ initiative was implemented by the government under the “astute leadership” of Prime Minister Narendra Modi with the objective of achieving self-sufficiency in all sectors. “In the ten years that have passed, numerous reforms have been implemented in all sectors, including the defense sector.” He stated that India is becoming increasingly prominent in the global defense industrial sector.
“Today, Indian Armed Forces are using weapons and platforms, which are manufactured on our own soil and we are also exporting defence items to more than 90 friendly foreign countries,” according to the minister.
Over the past few years, the government has implemented a series of initiatives to foster the domestic defense industry. The primary objective has been to enhance military preparedness and increase domestic defense manufacturing, particularly in regions adjacent to the Chinese border.
The defence ministry has established a goal of boosting India’s defense exports to Rs 50,000 crore within the next five years, after they first exceeded the ₹21,000 crore threshold in 2023-24. India is one of the world’s largest importers of arms.
By 2029, it is anticipated that the Indian armed forces will allocate approximately $130 billion toward capital procurement. The government has elected to provide assistance to domestic defense manufacturing in order to decrease its reliance on imported military platforms.
In the next five years, the defense ministry intends to achieve a turnover of $25 billion (₹1.75 lakh crore) in defense manufacturing. The government announced in May 2020 that the FDI limit in the defense sector would be increased from 49% to 74% under the automatic route. In certain circumstances, the government permits 100% foreign direct investment.
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