New Delhi: In wake of Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat’ vision, the Ministry of Defence (MoD) said on Saturday that the country’s domestic defence production has reached Rs 1.27 lakh crore.
“In FY 2023-24, India’s domestic defence production reached Rs 1.27 lakh crore, marking a record high, with an impressive increase of approximately 174 per cent from Rs 46,429 crore in 2014-15,” the ministry said.
The ministry added that the country’s defence sector has undergone a remarkable transformation since 2014, evolving from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production.
“The country’s defence budget, which stood at Rs 2,53,346 crore in 2013-14, has seen a significant rise, reaching Rs 6,21,940.85 crore in 2024-25, reflecting a clear commitment to strengthening the nation’s defence capabilities,” the ministry said.
The ministry added that central to this transformation is the growth of India’s defence manufacturing industry, which has become an integral part of the economy.
“Through the ‘Make in India’ initiative and policy reforms, the government has actively promoted domestic production and reduced reliance on foreign procurement,” the ministry said.
It added that this shift has been a key component of India’s broader vision of achieving Atmanirbharta (self-reliance) in defence, positioning the nation as an emerging hub for the production of advanced military technologies and equipment.
The ministry said that India is on track to achieve a target of Rs 1.75 lakh crore in defence production in the current fiscal year.
“India aims to reach Rs 3 lakh crore in defence production by 2029, further establishing itself as a global defence manufacturing hub while the defence exports have surged from Rs 1941 crore in FY 2014-15 to Rs 21,083 crore in FY 2023-24, reflecting a remarkable increase in export value,” it said.
The ministry added that a 32.5 per cent growth in defence exports was recorded over the previous fiscal year 2022-23, rising from Rs 15,920 crore.
“Defence exports have grown 21 times, from Rs 4,312 crore in the 2004-14 decade to Rs 88,319 crore in the 2014-24 decade, highlighting India’s expanding role in the global defence sector,” the ministry said.
The ministry said that driven by government policy reforms, ease of doing business initiatives, and a push for self-reliance, India now exports to over 100 nations.
“The top three destinations for India’s defence exports in 2023-24 were the U.S., France, and Armenia. The target for 2029 is to increase defence exports to ₹50,000 crore,” it said.
The ministry said that India’s export portfolio includes advanced equipment such as bulletproof jackets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes.
“A significant milestone was the inclusion of ‘Made in Bihar’ boots in the Russian Army’s equipment, highlighting India’s high manufacturing standards in the global defence market,” the ministry said.
The ministry added that with a record Rs 1.27 lakh crore in defence production and exports reaching Rs 21,083 crore in FY 2023-24, India has demonstrated its commitment to reducing dependency on imports while strengthening its presence in the global market.
“As the nation aims for Rs 3 lakh crore in defence production and Rs 50,000 crore in exports by 2029, these achievements highlight India’s emergence as a reliable defence partner worldwide,” the ministry added.
(IANS)
