New Delhi, Feb. 28 -- India's defence sector is undergoing a major transformation, as the country moves from a major importer to a growing global manufacturing hub for defence products. The country is redefining its role in the global defence economy with defence exports reaching Rs.21,000 crore in FY24, a 20-fold increase over the past decade. The nation has set an ambitious target of Rs.50,000 crore in defence exports by 2029.

This growth is fueled by a strategic push for self-reliance, with 75 per cent of the modernisation budget allocated to domestic procurement, and a surge in private sector participation. There is a strong emphasis on indigenous manufacturing of fighter jets, missiles, naval ships and UAVs and the rise of private p...