Advantage India
Growing
Demand
* Demand growth is likely to accelerate with rising concerns of national security.
* Till October 2022, a total of 595 Industrial Licences have been issued to 366 companies operating in Defence Sector.
* Defence exports grew by 334% in last five years; India now exporting to over 75 countries due to collaborative efforts.
* The Ministry of Defence has set a target of achieving defence exports worth Rs. 35,000 crore (US$ 4.27 billion) by 2024.
Competitive
Advantage
* India has the world's third-largest defence expenditure, as of 2021, and expects to export equipment worth US$ 15 billion by 2026.
* The Government of India opened the defence industry for private sector participation to provide impetus to indigenous manufacturing.
* As per the Union Budget 2022-23, 25% of defence R&D budget has been earmarked for private industry and start-ups which will pave the way for innovation of new defence technologies in India.
Government
support
* Under the Atmanirbhar Bharat Initiative, four positive indigenization lists of 411 products have been promulgated by Department of Military Affairs and Ministry of Defence to be manufactured domestically for the defence sector, instead of being sourced via imports.
* SRIJAN portal launched to promote indigenization. 19,509 defence items , have been displayed on the portal for indigenisation
Opportunities
* Government has established 2 Defence Industrial Corridors in Uttar Pradesh and Tamil Nadu.
* India has around 194 defence tech startups building innovative tech solutions to empower and support the country’s defence efforts.
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