New Delhi, 30 May (IANS). According to a latest report by the Confederation of Indian Industry (CII) and KPMG India, the country’s defense production is expected to increase six times from Rs 1.46 lakh crore in 2024-25 to Rs 8.8 lakh crore in 2047.
India’s annual defense budget can increase by about five times in 2047 to Rs 31.7 lakh crore, while currently Rs 6.81 lakh crore has been allocated for FY 2025-26.
The report released in CII’s ‘Annual Business Summit 2025’ estimates that India’s defense exports will increase to Rs 2.8 lakh crore in 2047, which shows a jump of about 12 times compared to the same figure of Rs 24,000 crore of 2024-25.
The title of this report is ‘self -reliant, leading and incredible India 2027: India’s Defense Industrial Sector Vision 2047’.
In the report, the total defense expenditure of the country is estimated at 4.5 percent of the GDP for 2047, which is currently 2 percent of the GDP.
The allocation for research and development in the defense budget is also expected to increase from 4 percent to 8-10 percent.
The report stated that by 2047 with a strong defense sector, India is facing some challenges in achieving the goal of setting up a developed nation. However, it is necessary to promote strong public-private partnership and the private sector requires encouragement to enter and maintain the defense manufacturing sector.
The report further states that India should expand the international partnership by 2038. Also, defense products in international markets should be strongly promoted by meeting global standards. The country should aim to make one of the top five global exporters of high quality defense equipment and technology.
The report states to encourage industry, education and cooperation between the government and promote adequate investment in future research and development. With this, a target has been set to become a global leader by 2045 in developing and deploying cutting-edge technology in the defense sector for India.
-IANS
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