India, March 29 -- The government on Saturday said it aims to achieve Rs 3 lakh crore in defence production by 2029, reinforcing the country's position as a global defence manufacturing hub. About 65 per cent of defence equipment is now manufactured domestically, a significant shift from the earlier 65-70 per cent import dependency.

A robust defence industrial base includes 16 DPSUs, over 430 licensed companies, and approximately 16,000 MSMEs, strengthening indigenous production capabilities, according to a statement by Ministry of Defence. "The private sector plays a crucial role, contributing 21 per cent to total defence production, fostering innovation and efficiency," it added.

The government said it aims to reach Rs 50,000 crore in...