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Analysing Business Case and Evaluating a USD 50 Billion Opportunity
Although, India is among the top ten military spenders in the world. However, unlike other geographies which have large defence industries to support their domestic needs , Indian requirements are primarily met by government players into the domain and imports. With importing nearly USD 5.5 Billion worth of military hardware, India has emerged as the largest arms importer in the globe accounting nearly 15% of such imports internationally. Hence self-reliance to sustain the needs of Indian defence sector is of vital importance for strategic and economic reasons. Since the government has been assiduously working upon building the defence manufacturing capabilities over the years. But to look beyond the customary curve , “Make in India” has triggered the positive sentiments for making India to stand at par with its global counterparts with respect to its in house defence manufacturing competencies.
Time has come for India to leave the average behind and take a leap to go for global leadership in manufacturing. For Indian manufacturing to soar high and to reach at the top nosh level as per the global benchmarks , “ Make in India” (MII) has given enough fillip to convert this into a reality. Like other manufacturing segments , Indian defence facet being no different is projected to be one of the highly investment seeking sector in the MII campaign. The country has been rapidly enhancing its spending on defence sector year on year, majorly equipments. Presently, India stands as the third largest defence spender in the world after US and China. Equipment spending by Ministry of Defence has increased 15-20% over the last five years as of now and is projected grow at a much escalated speed in near future as well.