India plans to be among top 5 defence producers by 2025
India’s defence industry is a key field in India. After the People’s Republic of China, it is the second-largest voluntary military force in the world with more than 5.1 million volunteers in its military. For the financial year 2019, the total budget approved for the Indian military is $60.9 billion. About 45% to 50% of defence goods are produced domestically in India and the rest is imported.
India recently pitched defence and aerospace products to more than fifty foreign military attachments posted at its embassies in New Delhi with the purpose of being amongst the top five defence producers. The export of Indian Defence Products has shot from Rs. 4682 crore in 2017-2018 to 10,500 crores last year and was mainly achieved by exporting aerospace and defense components to foreign supply chain companies. The Indian defense industry is evolving and India will have to start looking platforms for combat equipment such as fighter aircraft, helicopters, tanks and artillery guns. Boosting annual defense production from current Rs. 90, 000 crore to Rs. 170, 000 crore by 2025 is necessary which not only makes India one of the world’s top five defense producers but also generates employment for 2 to 3 million people.