Then: India was among the world’s largest arms importers, with domestic defence production limited in scale and exports relatively modest.
Now: Indian companies are manufacturing increasingly sophisticated systems, while Indian-designed or Indian-produced equipment is finding customers overseas.
The transformation is reflected in the numbers. Defence exports, which were less than ₹1,000 crore in 2014, reached ₹23,622 crore in FY 2024–25 and then ₹38,424 crore in FY 2025–26. Indigenous production also rose dramatically, with government data showing production increasing from ₹46,429 crore in FY 2014–15 to ₹1.78 lakh crore in FY 2025–26. The private sector is becoming an increasingly important participant. In FY 2025–26, private companies accounted for approximately 24% of total defence production, while their contribution to exports was substantial.
