India aims ₹3 lakh crore in defense production by 2029

India's defence industry has seen significant growth recently. The production of defence equipment reached a record ₹1.27 lakh crore in the financial year 2023-24. This is up 174% since 2014-15, thanks to the government's 'Make in India' initiative. Defence exports have also dramatically increased. They surged from ₹686 crore in the financial year 2013-14 to ₹21,083 crore in 2023-24. This marks a 30-fold growth over the past decade, with exports going to more than 100 countries. The Ministry of Defence announced plans to boost production to ₹3 lakh crore and exports to ₹50,000 crore by 2029. Currently, 65% of defence equipment is made in India, reducing the country's previous reliance on imports of 65-70%. In the last decade, defence exports rose from ₹4,312 crore to ₹88,319 crore. This represents a year-on-year increase of 32.5%, with exports climbing from ₹15,920 crore the previous year. The diverse range of products includes bulletproof jackets, helicopters, and aircraft. The government also made steps to encourage foreign investment in defence. In September 2020, it liberalized the Foreign Direct Investment (FDI) policy for the sector. Currently, 75% of the modernisation budget, amounting to ₹1,11,544 crore, is allocated for domestic procurement.