New Delhi, March 16 (IANS). India’s defense industry is moving fast and the country will emerge as a global powerhouse in this sector in the coming time. The country’s defense export was Rs 21,083 crore in FY 24, which was Rs 15,920 crore in the last financial year. It saw an increase of 32.5 percent on an annual basis. This information was given in a report.
According to the Nuwama report, India’s defense sector has increased 31 times in the last decade, which has strengthened its status in the global market and increased international demand.
The report further stated that the Government of India has set a target of export of Rs 50,000 crore for FY 29, which shows that the sector will be strong in the coming time.
Exports in FY 2025 alone are estimated to reach Rs 20,300 crore, which will strengthen India’s position as a prominent player in the international defense supply chain.
The biggest reason for this growth is the increasing demand from Europe. India is emerging as a reliable supplier of defense equipment due to manufacturing obstacles and lack of workforce in European countries.
The report said that the first wave of European Defense Order will be seen in India in the first half of FY 26. This will open the way for export to Indian defense companies.
The report said that the Government of India is also working continuously to increase the defense sector rapidly.
In view of the slow order placement in FY 25, a large scale of defense procurement of Rs 1.5 lakh crore has been planned by March 2025.
The report said that this step may boost India’s defense shares.
The report stated that a change in global defense dynamics is creating additional opportunities for India. The US decision to cut military aid to Ukraine would reduce NATO’s huge dependence on American defense funding.
In the last decade, America’s contribution to NATO’s total defense expenses has been around 70 percent. Now there is pressure on European nations to strengthen their defense systems.
According to Nuwama, this change is expected to further increase the demand for Indian defense products.
— IANS
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