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Private Sector's Contribution to Indian Defense Manufacturing Passes 20 Percent
Private Sector's Contribution to Indian Defense Manufacturing Passes 20 Percent
Sputnik India
The private sector's contribution to India's defense manufacturing has touched 22 percent, the latest data from the Defense Ministry has shown.
2024-04-08T14:43+0530
2024-04-08T14:43+0530
2024-04-08T15:18+0530
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The private sector's contribution to India's defense manufacturing has touched 22 percent, the latest data from the country's Ministry of Defence (MoD) shows.During the financial year 2023-24, India produced military equipment worth $9 billion, out of which almost $2 billion worth of defense items were manufactured by the private sector.In 2022-23, the overall share of private firms in India's defense production stood at 19 percent.While the exact details of private-sector companies' share in India's military equipment manufacturing, it is believed that defense behemoths, Larsen & Toubro (L&T), Adani Defense and Aerospace, and Bharat Forge, are contributing heavily to this development.Interestingly, the jump in India's private sector share in defense manufacturing comes at a time when the South Asian nation's military exports touched record highs of $3.2 billion.The federal government has set an ambitious target of $5 billion worth of military exports by 2025.
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Private Sector's Contribution to Indian Defense Manufacturing Passes 20 Percent
14:43 08.04.2024 (Updated: 15:18 08.04.2024) The current Narendra Modi-led government in India has put a lot of thrust on private-sector participation in the defense sector, with their contribution touching another threshold during the last fiscal year.
The private sector's contribution to India's defense manufacturing has touched 22 percent, the latest data from the country's Ministry of Defence (MoD) shows.
During the financial year 2023-24, India produced military equipment worth
$9 billion, out of which almost $2 billion worth of defense items were
manufactured by the private sector.
In 2022-23, the overall share of private firms in India's defense production stood at 19 percent.
While the exact details of private-sector companies' share in India's military equipment manufacturing, it is believed that defense behemoths, Larsen & Toubro (L&T), Adani Defense and Aerospace, and Bharat Forge, are contributing heavily to this development.
It is worth noting that L&T signed two contracts with the MoD during the last financial year that were worth $920 million and $684 million for close-in weapon systems (CIWS) and high-power radars (HPR), respectively.
Interestingly, the jump in India's private sector share in defense manufacturing comes at a time when the South Asian nation's military exports
touched record highs of $3.2 billion.
"Delighted to inform everyone that the Indian Defence Exports have scaled to unprecedented heights and crossed INR 21000 crore ($3.2 billion) mark for the first time in the history of Independent India!" Defense Minister Rajnath Singh said last week.
The federal government has set an ambitious target of $5 billion worth of military exports by 2025.
