Rajesh Kumar Singh on Thursday expressed confidence that India will comfortably exceed its defence export target of ₹50,000 crore by 2029, citing rapid growth and rising global demand.
Speaking at the ANI National Security Summit 2.0 in New Delhi, Singh said the milestone would not only be achieved but likely surpassed by 2030. India recorded defence exports worth ₹38,000 crore last year, marking a sharp 61% increase compared to the previous year.
Global Conflicts Driving Demand
Singh highlighted that ongoing global conflicts have significantly boosted demand for conventional defence equipment such as munitions and artillery shells. This surge in demand has opened new opportunities for Indian defence manufacturers in international markets.
Public Sector Leading the Export Surge
In a notable shift, the Defence Secretary pointed out that public sector enterprises are now driving export growth, unlike earlier years when private players led the sector.
He also noted strong interest from countries in Asia and Africa, particularly for Indian defence systems that are increasingly seen as reliable and battle-tested.
Government Plans Financial Support Mechanism
To further strengthen exports, the government is working on a dedicated Line of Credit (LoC) scheme for the defence sector. The proposal, currently under consideration, aims to provide low-cost financing options to partner countries, making it easier for them to procure Indian defence equipment.
Geopolitical Shifts Creating New Opportunities
Singh observed that changing global alliances and security concerns are reshaping defence partnerships. European nations, facing labour shortages and limited production capacity, are increasingly looking to collaborate with India.
He emphasised that while advanced technology lies with developed countries, India offers scale, cost efficiency, and manufacturing capability—making it an attractive partner for large-scale defence production.
Focus on Supply Chain Security
The Defence Secretary also underlined a growing global focus on secure and reliable supply chains. Countries are prioritising partnerships with trusted geographies, creating further opportunities for India to expand its footprint in the global defence market.
