New Delhi:India's defence production reached a record high of ₹1.27 lakh crore in 2023-24, with exports of military hardware and weapons to over 90 countries, defence minister Rajnath Singh announced on Wednesday. Celebrating the 10th anniversary of the 'Make in India' initiative, Singh emphasised the growing self-reliance of the Indian armed forces, which are increasingly using domestically produced weapons and platforms.
The 'Make in India' programme, introduced under Prime Minister Narendra Modi’s leadership, has driven significant reforms across sectors, particularly in defence, according to Singh. He highlighted the country's ascent on the global defence industrial stage, pointing to the sharp rise in domestic defence manufacturing and exports.
India's defence exports surpassed ₹21,000 crore for the first time in 2023-24, and the government has set an ambitious target of ₹50,000 crore in exports within the next five years. The defence ministry aims to achieve a turnover of $25 billion (₹1.75 lakh crore) in defence manufacturing during this period, aiming to reduce reliance on imported military equipment.
The government has taken multiple steps to promote the domestic defence industry, particularly in bolstering military preparedness along the China border. To further boost investment, the Foreign Direct Investment (FDI) limit in the defence sector was raised from 49% to 74% in May 2020, with 100% FDI allowed in certain cases. India's armed forces are expected to spend approximately $130 billion on capital procurement by 2029.
