New Delhi, May 30 -- India is expected to see a major boost in its defence sector by the year 2047, with the total defence budget projected to rise to Rs 31.7 lakh crore, according to joint study report by Confederation of Indian Industry (CII) and KPMG.

This is a significant increase from the Rs 6.8 lakh crore allocated in 2024-25, marking nearly a five-fold jump over the next two decades.

According to the latest projections in the report, India's defence production is also expected to grow strongly. It is estimated to touch Rs 8.8 lakh crore by 2047, compared to Rs 1.6 lakh crore in 2024-25.

The country is also aiming to expand its defence exports, which are likely to increase from Rs 30,000 crore currently to Rs 2.8 lakh crore by 20...