India’s Defence Production Set to Soar: Projected Rise to Rs 8.8 Lakh Crore by 2047!

India’s defense production is set to explode, forecasted to rise from ₹1.46 lakh crore in 2024-25 to ₹8.8 lakh crore by 2047. That’s more than a sixfold increase! This information comes from a recent report by the Confederation of Indian Industry (CII) and KPMG India.

The defense budget is also expected to grow, climbing to around ₹31.7 lakh crore by 2047, up from the current ₹6.81 lakh crore for the 2025-26 financial year. This change reflects a significant commitment to defense, indicating the government’s long-term focus on national security.

In terms of exports, the report predicts a massive boost as well—expect India’s defense exports to soar to ₹2.8 lakh crore, a nearly 12-fold increase compared to ₹24,000 crore in 2024-25. This growth positions India as a budding player in the global defense market.

One interesting aspect is that total defense spending could rise to 4.5% of GDP by 2047, a considerable jump from the current 2%. The emphasis on research and development (R&D) is notable too, with its share in the budget likely to increase from 4% to between 8% and 10%. This focus on innovation is key to developing advanced military technology.

However, challenges lie ahead. The report emphasizes the need for strong public-private partnerships. Engaging private players in defense manufacturing could drive growth, but hurdles like intellectual property rights and technology transfer issues remain. Experts believe that addressing these challenges through better planning and funding will be vital.

Looking ahead, the report outlines several “strategic vectors” to guide India’s defense ambitions. By 2032, India aims to enhance self-reliance in defense production, focusing on critical areas while reducing reliance on foreign suppliers. By 2038, the goal is to rank among the top five global exporters of defense technology. Long term, India aspires to lead in developing cutting-edge technologies by 2045, partnering with industry and academia.

In summary, India’s defense sector is on the brink of transformation, driven by growth in production, budget allocations, and innovation. The road may have some bumps, but the vision for a robust defense industry is clear.



Source link

India defence production 2047, Atmanirbhar Bharat defence, Indian defence budget growth, defence exports India, defence R&D India future