IN BUDGET 2023, THE GOVT IS EXPECTED TO UP THE ANTE ON DOMESTIC DEFENSE MANUFACTURING.

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Not only has domestic production increased, but so have defence exports. In addition to increased funding, the centre is anticipated to unveil a PLI for defence and space research.

The defence manufacturing industry has witnessed a paradigm shift in recent years, particularly during the Modi administration’s second five-year term, as the administration has focused on reducing imports.

The effect is palpable. Imports, which used to account for 46 percent of total defence spending, have fallen to 36 percent over the four years from 2018-19 to 2021-22.

Domestic capital procurement accounted for 64% of the Capital Acquisition Budget for the defence services in 2021-22. In FY23, this was increased to 68 percent (Rs 84,000 crore of 1.24 lakh crore).

Defense-related enterprises with prior experience in manufacturing defence equipment have benefited the most from the Make in India initiative. Their share prices have skyrocketed, as has shareholder wealth.

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