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.
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
* With Government initiatives, the expenditure on defence procurement from foreign sources which used to be 46% of the overall expenditure has reduced to 36% in the last four years i.e. 2018-19 to 2021-22.
* 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.
Bharat Earth Movers Limited (BEML)
Established in 1964, BEML stated as a manufacturer of rail coaches & spare parts and mining equipment in Bengaluru. The company has partially disinvested and at present, the Government of India owns 54% of the total equity and 46% is held by Public, financial institutions, foreign institutional investors, banks and employees. BEML’s products are exported to >67 countries.
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Bharat Electronics (BEL)
Established in 1954, BEL engages in manufacturing of specialised electronic equipment requirements of the Indian Defence Services. BEL produces a wide range of equipment for areas such as defence communication, radars, naval systems, c4i systems, weapon systems, homeland security, telecom & broadcast systems, electronic warfare, tank electronics, electro-optics, professional electronic components and solar photovoltaic systems.
Read MoreHindustan Aeronautics Limited (HAL)
Established in 1940, Hindustan Aircraft Limited (HAL) operates as an aerospace and defence company. The company uses international design, under licence, to build and assemble aircraft and engines such as Prentice, Vampire and Gnat. It also designs and develops domestic aircraft. The company, in collaboration with the Inter-Continental Aircraft Company of USA, commenced its business of manufacturing Harlow Trainer, Curtiss Hawk Fighter and Vultee Bomber Aircraft.
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