India's Defence Strategy Revolution: From Top Importer to Indigenous Innovator

India has seen a dramatic transformation in its defence sector, moving from a heavy reliance on foreign imports to enhancing domestic production. In 2010, India led the world as the largest importer of defence equipment, but by 2024, it has descended to fourth place, according to a Kotak Mutual Fund report.

Back in 2010, India's share was substantial, accounting for 11% of global defence imports. It was followed by Pakistan at 9%, Australia at 6%, and South Korea at 5%. The landscape has shifted significantly, as Ukraine now tops the list with 18%, driven by the ongoing military conflict with Russia.

This shift underscores India's dedicated push towards indigenisation supported by government initiatives enhancing domestic defence capabilities. The report highlights a stark rise in India's defence exports, which have grown by a CAGR of 41% since 2017, signaling heightened self-reliance in the sector, essential for both national security and economic growth.

(With inputs from agencies.)