India’s defence production poised to clock 20 pc annual growth in FY 2024-29 [Video]

On the back of robust government reforms and increasing private sector participation, India’s defence sector production is set to grow at a compound annual growth rate (CAGR) of around 20 per cent during FY24-FY29, according to a report released on Monday.

Indian defence sector companies are set to further enhance the country’s defence capabilities, reduce import dependence, and elevate its global stature, the CareEdge Ratings report stated.

The collaboration between government and private sector entities in India’s defence sector has driven advancements in arms and ammunition, aerospace, electronics, and naval technologies.

Private sector entities, both domestic and multinational, are expected to play a pivotal role in advancing defence modernisation, leveraging their engineering and technological expertise, the report observed.

This collaboration has been supported by policies such as ‘Make in India’ and liberalised FDI norms, which have enhanced domestic manufacturing capabilities, attracted international investments in defence innovation and driven notable growth in exports of military equipment, the …