New Delhi: India is gearing up for substantial investment and production in the defense sector over the next decade, aiming to position itself as a key player in the global defense arena. According to a report by foreign brokerage firm Nomura, India plans to place orders worth US$138 billion in the defense sector between 2024 and 2032.

The report, titled 'Defence India', highlights the Indian government's active support for the defense sector through favorable policy reforms, incentives, and initiatives to promote indigenous manufacturing and technology development. It projects that the share of defense capital outlay will increase to 37 percent of the total defense budget by FY2030, indicating a significant rise from around 26 percent in FY2024. This would result in a capital infusion of Rs 15.5 trillion between FY2024 and FY2030.

The defense aerospace sector is expected to witness investments worth US$50 billion, covering aircraft, helicopters, unmanned aerial vehicles (UAVs), avionics, and related systems. Similarly, defense shipbuilding presents an opportunity with a US$38 billion investment package for naval ships, submarines, patrol boats, and support vessels to enhance maritime security. Additionally, investment in missiles, artillery, and gun systems is estimated to reach US$21 billion, in line with India's efforts to bolster its artillery and missile capabilities.

The report also highlights the positive performance of key defense sector players such as Hindustan Aeronautics Ltd and Bharat Electronics. Hindustan Aeronautics Ltd, a major manufacturer of fighter aircraft and helicopters, is expected to witness a potential 28 percent rise in its shares, while Bharat Electronics is projected to grow by 32 percent, driven by better visibility on order flow, favorable margins, and expansion in return ratios.

India's defense exports have reached unprecedented levels, breaking previous records. In the financial year 2023-24, defense exports stood at Rs 21,083 crore, marking a significant increase of 32.5 percent compared to the previous financial year. This growth trend has been consistent, with defense exports growing more than tenfold since 2016-17. India is currently exporting weapon systems to over 85 countries, and the significant increase in defense exports underscores India's growing prominence in the global defense market.

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