Among its exports of a range of defence equipment to several countries, India sold the shore-based version of the BrahMos missile system to the Philippines this year. (File photo)
New Delhi: India’s defence sector has achieved a record milestone, with production reaching ₹1.27 lakh crore (around $1.52 billion) in the fiscal year 2023-24, the defence minister, Rajnath Singh, announced on Wednesday. This marks a significant leap in the nation’s efforts to strengthen its domestic defence manufacturing capabilities.
Notably, India is now exporting military hardware to more than 90 countries, including some of its closest allies. Some of the noteworthy Indian arms sales were to Armenia and the Philippines, as India Sentinels had reported. The total Indian arms exports have surpassed ₹21,000 crore, with the government targeting ₹50,000 crore in exports over the next five years.
This record achievement comes as part of the country’s larger “Make in India” initiative, which aims to reduce India’s dependence on foreign arms imports and bolster its self-reliance in defence production. Key reforms have been introduced in the past decade to promote homegrown manufacturing, enhance military preparedness, and attract foreign investment into the defence sector.
The government has also raised the foreign direct investment (FDI) limit in defence from 49 per cent to 74 per cent, with 100 per cent FDI allowed in specific cases – a move aimed at encouraging technological collaborations with global players.
Despite these advances, India continues to be one of the world’s largest arms importers, with the Indian armed forces projected to spend around $130 billion on capital procurement by 2029. The government’s long-term objective is to achieve a defence manufacturing turnover of ₹1.75 lakh crore within the next five years.
If this happens, this will position India as one of the major players in the global defence industry.
The record-breaking production figures reflect India’s growing ambition to establish itself as a global supplier of military equipment. This achievement, coupled with expanding defence exports, highlights India’s transformation into a significant defence exporter, boosting its economic and strategic influence on the world stage.
