India expects to reach ₹3 lakh crore annually in defence production and ₹50,000 crore in defence exports by 2028-29, according to Defence Minister Rajnath Singh.
The Interim Budget allocated ₹6.21 lakh crore to the Ministry of Defence (MoD), a 4.72% increase from FY 23-24.
The private sector contributed to about 22% of the total defence production in FY24, i.e., ₹16,411 core. This is an increase from the 19% in FY23.
The government had also set a target of achieving ₹1.75 lakh crore in aerospace and defence manufacturing by 2025, which includes exports of ₹35,000 crore.
In her Interim Budget speech, the FM spoke of launching a scheme for strengthening deep-tech technologies for defence purposes and accelerating towards the of self-reliance.