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Narendra Modi's dialogue on India's defence exports with Vladimir Putin in September 2022 led to a remarkable surge of ₹21,083 crore in 2023-24. This growth, driven by various initiatives and partnerships, underscores the evolving landscape of India's defence industry. 2023-24 has witnessed a big increase, from ₹15,920 crore in 2022-23 to ₹21,083 crore, representing an increase of 32.43%. Notwithstanding the pandemic serving as a dampener, at no stage before the last decade have Indian defence exports experienced such a steep upward trajectory.

The Ministry of Defence (MoD) has surpassed Rs 1 lakh crore in procurement through the Government e-Market (GeM) portal, with nearly half of the transactions occurring in the current fiscal year. GeM, launched in 2016, facilitates online purchases for central government ministries. MoD has executed over 5.47 lakh orders, with around Rs 45,800 crore awarded this fiscal year. Notably, 50.7% of orders, totaling Rs 60,593 crore, have been awarded to Micro and Small Enterprises (MSEs).

"We need to increase defence spending and also de-risk. Therefore we have seen a lot of traction in the Make in India programme. Now, this is very beneficial for both defence PSUs as well as companies such as Bharat Forge, et cetera, which are starting to build out their defence practices. For Bharat Forge, this is particularly important given that a reasonable part of the businesses are still dependent on internal combustion engine kind of lines of business."

Chandrasekhar further noted that HAL became a Rs 1.35 lakh crore company under the leadership of Prime Minister Narendra Modi.

Defence Minister Rajnath Singh on Saturday visited the Bhanur unit of public sector undertaking Bharat Dynamics Limited here and later inaugurated several facilities.