India’s domestic defence production has witnessed a nearly three-fold increase during the past decade, spiking to Rs 1.27 lakh crore in 2023.-24 from Rs 46,429 crore in 2014-15, which is expected to significantly rise in the near future.
Sharing these figures on February 1, the Ministry of Defence (MoD) said that India is on track to achieve a target of Rs1.75 lakh crore in defence production in the current fiscal year. India aims to reach Rs 3 lakh crore in defence production by 2029, firming its place as a global defence manufacturing hub.
The country’s defence sector has undergone a remarkable transformation since 2014, evolving from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production, the ministry said.
During this period, the country’s defence budget has increased by about 145 percent, rising from Rs 2,53,346 crore for the 2013-14 fiscal to Rs 6,21,940.85 crore in 2024-25, according to the MoD.
India’s defence exports have surged from Rs 1,941 crore in 2014-15 to Rs 21,083 crore in 2023-24, reflecting an increase in export value of over 10 times. A 32.5 percent growth in defence exports was recorded over the previous 2022-23 fiscal, rising from Rs 15,920 crore.
Referring to the decadal growth, the MoD said that defence exports have grown 21 times, from Rs 4,312 crore during the 2004-14 decade to Rs 88,319 crore in the 2014-24 decade, highlighting India’s expanding role in the global defence sector.
Defence related equipment and goods are now exported to over 100 nations. The top three destinations for India’s defence exports in 2023-24 were the USA, France and Armenia. The target for 2029 is to increase defence exports to Rs 50,000 crore.
India’s export portfolio includes advanced equipment such as bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats and lightweight torpedoes, besides items of personal use.
Central to this transformation, the ministry said, is the growth of India’s defence manufacturing industry, which has become an integral part of the economy, adding that through the ‘Make in India’ initiative and policy reforms, the government has actively promoted domestic production and reduced reliance on foreign procurement.
“The significant rise in defence production and exports underscores the country’s growing capability as a global defence manufacturing hub. By leveraging innovation, strategic partnerships, and indigenous capabilities, India is well-positioned to play a pivotal role in the future of global defence manufacturing and security,” the MoD said.
