Boosting Defence Production: India's Journey to Becoming a Leading Global Defence Manufacturing Hub
The Defence Minister has committed to developing India as a leading global defence manufacturing hub. In FY24, the defence sector achieved a record high annual production of approximately ₹1.27 lakh crore, reflecting a 16.7% year-on-year growth and a 60% increase since 2019-20. Looking ahead, the government has set an ambitious target for 2025, aiming for a turnover of ₹1.75 lakh crore in aerospace and defence manufacturing, including exports worth ₹35,000 crore.
Key topics discussed include the government's first 100-days plan, achievements and challenges in India's defence industry, a reform push over the next five years, boosting indigenous manufacturing, and a modest rise in the interim budget. The sector has achieved record high production in FY24, with a strong emphasis on self-reliance and the next phase of growth.
Experts Neeraj Gupta (MD, MKU Group), Vrinda Kapoor (CEO, 3rdiTech), and Rajinder Bhatia (President, SIDM) provided valuable insights into these developments.
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