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ICICI Direct Report
The Indian defence sector is going through a major transformational phase as the government looks committed to reducing imports and increasing indigenisation of various key defence platforms, systems and associated equipment required for these platforms.
The share of imports, which is about ~35% of the total defence procurement budget, has come down in the last two to three years. It is likely to reduce further in coming years as the government continues to focus on allocating more budget to DRDO for indigenous development of new generation and modernised equipment, sign large scale orders for these equipment/platforms with defence public sector undertakings and encourage more domestic private players, micro, small and medium enterprises and start-ups for manufacturing key components, which India used to import from countries.
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