Defence Minister sets 2029 goals of ₹3 trillion defence production and ₹50,000 crore exports

Key facts

• Defence Minister Rajnath Singh announced targets of ₹3 trillion defence production and ₹50,000 crore defence exports by 2029, while chairing the Consultative Committee meeting of the Ministry of Defence on 'Modernisation of Indian Defence Forces' in Jaisalmer, Rajasthan on November 3, 2026.
• The 2029 production target requires annual output to rise about 69% (roughly ₹1.22 trillion) above the ₹1.78 trillion achieved in FY 2025-26, while exports must grow about 25% (around ₹10,000 crore) from the current level of approximately ₹40,000 crore.
• Defence production rose from ₹46,429 crore in FY 2014-15 to ₹1.78 trillion in FY 2025-26, and defence exports grew from less than ₹2,000 crore in 2014 to approximately ₹40,000 crore.
• The defence budget for FY 2026-27 was raised to a record ₹7.85 trillion, with capital outlay of ₹2.19 trillion, including ₹1.85 trillion earmarked for capital acquisition (modernisation capital budget).