India's Defence Exports Eye ₹50,000 Crore by FY29 Amid Global Surge

India's defense sector is on an aggressive growth trajectory, with exports projected to hit a staggering ₹50,000 crore by fiscal year 2029, as forecasted by Kotak Institutional Equities. This ambitious target follows a record-breaking performance in FY26, where exports surged to ₹38,424 crore, highlighting a dramatic increase in global appetite for India's indigenous defense systems. The momentum reflects New Delhi's strategic push to transform from a major importer to a significant global arms supplier. This isn't just about selling hardware; it's a profound shift driven by the government's 'Make in India' and 'Atmanirbhar Bharat' initiatives, coupled with pragmatic policy reforms like the Defence Acquisition Procedure 2020. The success of platforms like the BrahMos supersonic cruise missile, now being exported to countries like the Philippines, Vietnam, and Indonesia, along with the proven combat performance of Indian systems, as demonstrated during Operation Sindoor, has significantly boosted international confidence. Both state-run Defence Public Sector Units (DPSUs) and private companies are actively contributing, with DPSUs leading the export charge in FY26. Looking ahead, the focus is sharpening on high-tech segments, with military drones poised to be a major growth engine for Indian exports, a market projected to reach $75 billion globally by 2029. The government is also considering opening missile manufacturing to private players, further accelerating domestic production and export capabilities. With global military spending on the rise and India securing new markets in Europe and Armenia, alongside existing major buyer US, the nation is solidifying its position as a credible and competitive force in the international defence landscape.