In line with Prime Minister Narendra Modi’s ‘Atmanirbhar Bharat’ vision, the Ministry of Defence (MoD) announced on Saturday that India’s domestic defense production has reached an all-time high of $12.7 billion.
“In FY 2023-24, India’s domestic defense production reached $12.7 billion, marking a record high, with an impressive increase of approximately 174% from $4.6 billion in 2014-15,” the ministry stated.
The ministry highlighted the remarkable transformation of the country’s defense sector since 2014, evolving from a largely import-dependent military force to one increasingly focused on self-reliance and indigenous production.
“The country’s defense budget, which stood at $25.3 billion in 2013-14, has seen a significant rise, reaching $62.2 billion in 2024-25, reflecting a clear commitment to strengthening the nation’s defense capabilities,” the ministry noted.
Central to this transformation is the growth of India’s defense 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 added.
This shift is a key component of India’s broader vision of achieving self-reliance (Atmanirbharta) in defense, positioning the nation as an emerging hub for the production of advanced military technologies and equipment. India is on track to achieve a target of $17.5 billion in defense production in the current fiscal year.
“India aims to reach $30 billion in defense production by 2029, further establishing itself as a global defense manufacturing hub, while defense exports have surged from $194.1 million in FY 2014-15 to $2.1 billion in FY 2023-24,” the ministry explained.
The ministry reported a 32.5% growth in defense exports over the previous fiscal year 2022-23, rising from $1.6 billion.
“Defense exports have grown 21 times, from $431.2 million in the 2004-14 decade to $8.8 billion in the 2014-24 decade, highlighting India’s expanding role in the global defense sector,” the ministry added.
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 defense exports in 2023-24 were the U.S., France, and Armenia. The target for 2029 is to increase defense exports to $5 billion.
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, underscoring India’s high manufacturing standards in the global defense market.
With a record $12.7 billion in defense production and exports reaching $2.1 billion 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 $30 billion in defense production and $5 billion in exports by 2029, these achievements highlight India’s emergence as a reliable defense partner worldwide.
