Defence continues to be a key growth vector for India, backed by growing exports and Aatmanirbhar Bharat.

Defence manufacturing in India continues to break new records year after year, with the country’s total defence output reaching INR 1.27 lakh crores in FY2024, growing by approximately 17% from FY2023, and nearly 60% since FY2020, representing an annualized growth rate of approximately 12.6%. With INR 6.2 lakh crores in military spending, India is currently the fourth-largest spender in the world. However, in terms of defence expenditure as a percentage of GDP, India remains underpenetrated compared to other global powers such as the US, China, and Russia.
We are thrilled to share our latest research note on the defence sector, highlighting why it remains an attractive and growing growth vector. Here, we discuss:
- Growth of Defence Exports in India
- "Make in India" and the order books of major defence companies
- Case Study of a Leading Indian Aerospace Manufacturer