India’s defense production will reach an all-time high of Rs 1.27 trillion by 2023-24 and will now export arms and military equipment to more than 90 friendly countries, Defense Minister Rajnath Singh said on Wednesday.
Indian armed forces are now using weapons and platforms made on Indian soil and the country is growing in the field of global defense industry, the minister said in a post at ‘X’ to mark the 10th anniversary of the NDA government’s ‘Make in India’. program.
The government under the “smart leadership” of Prime Minister Narendra Modi introduced the “Make in India” program with a vision to make the country self-sufficient in all areas, Singh said.
In recent years, the government has taken a number of measures to support the domestic defense industry.
Emphasis was placed on strengthening domestic defense production and strengthening military preparedness, especially in areas along the border with China.
India’s defense exports crossed the Rs 21,000 crore mark for the first time in 2023-24, and the defense ministry has set a target of increasing it to Rs 50,000 crore in the next five years.
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India is one of the world’s largest arms importers. According to estimates, the Indian Armed Forces are expected to spend around $130 billion on capital procurement by 2029.
The government wants to reduce dependence on imported military platforms and has decided to support domestic defense production. The defense ministry has set a target of $25 billion (1.75 trillion rupees) in defense manufacturing turnover over the next five years.
In May 2020, the government announced an increase in the FDI limit in the defense sector from 49 percent to 74 percent under the automatic route. The government allows 100% FDI in specific cases.
