India’s Defense Exports Expansion by 2024-25
India aims to increase its annual defense exports from $1.5 billion to $5 billion by 2025, as the country looks to boost its domestic manufacturing sector. At the Aero India show, the largest of its kind, India is hoping to sign defense deals worth $9 billion.
The Prime Minister of India, Narendra Modi, urged the private sector to invest more in the defense sector and stated that India is not just a market for defense companies, but also a potential defense partner. India currently exports to 75 countries and has a Soviet-era air force fleet in need of modernization, which has led to suppliers from the European Union and the United States seeking a larger share of the market. India is also seeking to diversify its supply base in light of the Russian invasion of Ukraine and fears of sanctions and supply disruptions. Exhibitors at the show include major aerospace companies such as Airbus, Boeing, Dassault Aviation, and Lockheed Martin. India’s airlines are also expanding, with Tata Group’s Air India expected to announce a large jetliner purchase from Airbus and Boeing.
“Today, India is not just a market for defence companies, it is also a potential defence partner,” Modi said in his speech at the show. “I call on India’s private sector to invest more and more in the country’s defence sector.”
