India's defence industry takes off: The numbers explained

India's defence manufacturing sector has transformed over the past decade, moving from heavy import dependence toward genuine domestic capability. Production hit a record Rs 1.78 lakh crore in 2025-26, more than double 2020-21 levels, against a Rs 3 lakh crore target by 2029, backed by a defence budget that has tripled since 2013-14. Exports are the standout metric, up 56-fold to a record Rs 38,424 crore, reaching 80+ countries, with private industry now contributing 45.16% of exports and a record 24% of production, a major structural shift from PSU dominance.