India's defence production has seen a significant rise, reaching Rs.1.27 lakh crore in the fiscal year 2023-24. Alongside this growth, defence exports have surged from Rs.1,000 crore to an impressive Rs.21,000 crore, covering over 90 nations. This expansion aligns with the government's 'Make in India' initiative, aimed at achieving self-reliance, or 'Atmanirbharta', in the defence sector.

Defence Minister Rajnath Singh highlighted the government's commitment to the 'Make in India' programme, which was introduced under Prime Minister Narendra Modi's leadership. "Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world," Singh said.

He emphasized that the Indian Armed Forces are now equipped with weapons and platforms produced domestically, while also exporting defence items to numerous friendly countries. In a recent post on X, he noted the importance of collaboration with international partners, inviting US defence companies to co-develop and co-produce military equipment for the global market.

The nation is steadily progressing towards self-sufficiency in manufacturing weapons, including cannons, tanks, fighter ships, helicopters, and missile systems for its armed forces. For the 2024-25 Union Budget, the Ministry of Defence has been allocated Rs.6.22 lakh crore, the highest budget among all ministries.

Rajnath Singh mentioned that this increased investment is enhancing the capabilities of the armed forces, with defence procurement receiving a larger share of the budget. Over the past decade, approximately Rs.6 lakh crore worth of defence equipment has been acquired from Indian manufacturers, effectively doubling the country's defence production.

Reports suggest that India's defence exports are projected to grow at an 18% compound annual growth rate (CAGR) from FY24 to FY30, spurred by the 'Make in India' initiative and a focus on local manufacturing. A recent analysis by global investment firm Jefferies indicated that the government is fostering bilateral relations to boost exports. From FY24 to FY30, the potential market opportunity for Indian defence companies is expected to grow at a CAGR of 14%.

Defence companies are set to benefit from opportunities worth $90 billion to $100 billion in the Indian market over the next five to six years. In 2022, India's defence expenditure was about 10% of the US expenditure and 27% of China's expenditure.

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