The defense industry in India is an important strategic sector for the country. India has one of the largest military forces in the world. India’s approach to global mutual trade, as well as expanding joint agreements with foreign countries like the United States for joint defense production and strengthening defense connections, offer tremendous potential growth prospects for India’s defense manufacturing.
India has a procurement, acquisition, and manufacturing policy for defense that aims to reduce imports while increasing indigenous production. The ethos of ‘Atmanirbhar Bharat’ and ‘Make in India’ also contributes to the realisation of the defense sector’s route to self-reliance.
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DEFENSE INDUSTRY IN INDIA SIZE AND FORECAST
In 2021, India’s defense industry was worth $XX billion, and by 2026, it is expected to be worth $XX billion, with a CAGR of XX percent from 2022 to 2027.
By granting Acceptance of Necessity (AoN) to capital purchase bids for the armed services’ modernisation and operational needs, the Defense Acquisition Council (DAC) bolstered the ‘Make in India’ campaign.
The Defense Ministry aims to buy military equipment from domestic companies over the next five to seven years in order to enhance indigenous defense industry.
The Defense Research and Development Organisation (DRDO) and the Indian Air Force successfully flight tested two indigenously built smart anti-airfield missiles (IAF).
In line with the government’s goal of boosting Defense industrial self-reliance, some essential platforms have been selected for industry-led design and development. Among the platforms are naval ship-borne, aerial, and lightweight tanks, as well as a hypersonic glide vehicle, AI-based land robot, naval cannon, electric propulsion (engines) for ships, and a standoff airborne jammer.
- Defense Research & Development Organisation (DRDO)
- Electronics Corporation of India (ECIL)
- Hindustan Aeronautics Ltd
- Bharat Dynamics
- Mahindra Defense System
- Kalyani Rafael Advanced Systems
- BrahMos Aerospace Pvt Ltd
- Bharat Electronics
- Lockheed Martin India Pvt Ltd
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