India Eyes Rs 50K Cr Via Defence Exports By FY29

New Delhi: India’s defence industry is rapidly evolving into a global powerhouse as the country’s defence exports surged to an all-time high of Rs21,083 crore in FY24 - a 32.5 per cent increase from the previous year’s Rs15,920 crore, as per a report.

According to the Nuvama report, over the past decade, India’s defence exports have grown 31 times, solidifying its presence in the global market and increasing international demand. The Indian government has set an ambitious target of Rs50,000 crore in defence exports by FY29, reflecting its commitment to strengthening the sector.

In FY25 alone, exports are projected to reach Rs20,300 crore, reinforcing India’s position as a key player in the international defence supply chain.One of the biggest catalysts for this growth is the rising demand from Europe. With European nations facing manufacturing constraints and workforce shortages, India is emerging as a dependable supplier of defence equipment. The first wave of European defence orders is anticipated as early as the first half of FY26, opening new avenues for Indian defence manufacturers. Domestically, the Indian government is taking significant steps to accelerate growth in the sector, the report said.

A large-scale defence procurement worth Rs1.5 trillion is planned by March 2025, addressing concerns over slow order placements in FY25.