India targets defence exports to reach Rs 50,000 crore by 2029

New Delhi, Aug 23 Defence exports have grown nearly 35 times in the last decade and the government has set an ambitious target of achieving Rs 30,000 crore in defence exports this year and Rs 50,000 crore by 2029.

Defence exports surged just Rs 686 crore in 2013-14 to Rs 23,622 crore in 2024-25 with defence products now being exported to nearly 100 countries, said Defence Minister Rajnath Singh.

Simultaneously, he stated that domestic defence production has more than tripled from Rs 40,000 crore in 2014 to over Rs 1.5 lakh crore in 2024-25, and is on track to touch nearly Rs 2 lakh crore in the current fiscal.

Speaking at the 'World Leaders Forum' here, the minister underlined India’s growing leadership in shaping a just global order and highlighted the unprecedented strides made in strengthening the nation’s defence sector.

Defence Minister underlined that India has released five positive indigenisation lists covering 509 platforms, systems and weapons, which will now be mandatorily manufactured within the country and similarly, Defence Public Sector Undertakings (DPSUs) have issued their own indigenisation lists covering over 5,000 strategically important sub-systems, spares and components.

He added that the government has reserved 75 per cent of the defence capital procurement budget for Indian companies.

“Our vision of Aatmanirbharta in defence is not just about reducing imports. It is about creating an ecosystem where Indian industry, public and private, develops world-class capability, where we not only meet domestic requirements but also emerge as a global supplier of high-quality defence products,” stated Rajnath Singh.

He also highlighted recent breakthroughs in indigenous capability, noting that Hindustan Aeronautics Limited (HAL) has received orders worth Rs 66,000 crore for 97 Tejas fighter aircraft, in addition to an earlier order of 83 aircraft worth Rs 48,000 crore.

“Our Tejas aircraft is going to be a great example of India's indigenous defence capabilities. We have also taken steps towards making fifth generation fighter aircraft and aircraft engines in India,” he added.

Defence Minister underscored that the defence budget has been substantially enhanced under Prime Minister Narendra Modi’s leadership, rising from Rs 2.53 lakh crore in 2013-14 to nearly Rs 6.22 lakh crore in 2024-25, with further increases planned after the successful conduct of Operation Sindoor.

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