INDIAN DEFENCE MANUFACTURING INDUSTRY AT A GLANCE IN 2022 - 2023
India has the world's third-largest defence expenditure and expects to export equipment worth US$ 15 billion by the year 2026. India boasts of around 194 defence tech start-ups developing innovative tech solutions to empower and defend the country. India is one of the strongest military forces in the world and hence the Indian Defence Industry is like the backbone of the country,
The major defence manufacturing companies in India are Bharat Earth Movers Ltd. (BEML), Bharat Electronics Ltd. (BEL), and Hindustan Aeronautics Ltd. (HAL). The Indian Defence Industry consists of surface combatants, and missiles Military rotorcraft, submarines, artillery, tactical communications, electronic warfare, and military land vehicles
As per the Union Budget 2022-23, 25% of defence R&D budget has been earmarked for innovation of new defence technologies in India. Defence exports grew by 334% in last five years. India now exporting Defence machinery to over 75 countries by means of joint ventures.
The Indian defence industry ranks fourth in terms of firepower with a score of 0.0979, with 0.0 being the perfect score. The Indian government has set the defence production target at US$ 25 billion by 2025. India is one of the world’s biggest defence spenders with a total outlay of Rs. 5.25 lakh crore (US$ 66 billion), accounting for 13.31% of the total budget.
India targets to export military hardware worth Rs. 35,000 crore (US$ 5 billion) in the next five years. Defence exports in the country stood at Rs. 15,920 crore (US$ 1.94 billion) in 2022-23.
Government InitiativesThe Central government aims to take India’s defence exports up to US$ 5 billion by 2024-25.
Of the Union Budget for Financial Year 2023-24, Ministry of Defence has been allocated a total Budget of US$ 72.2 billion (Rs. 5,93,537.64 crore), which is 13.18 % of the total budget. The total Defence Budget represents an enhancement of US$ 8.3 billion (Rs. 68,371.49 crore) (13%) over the Budget of 2022-23.