India’s defence manufacturing sector has been witnessing a CAGR of 3.9% between 2016 and 2020. The Indian government has set the defence production target at US$ 25.00 billion by 2025 (including US$ 5 billion from exports by 2025). Defence exports in India were estimated to be at US$ 1.29 billion in 2019-20. India’s defence import value stood at US$ 463 million for FY20 and is expected to be at US$ 469.5 million in FY21. Defence exports in the country witnessed strong growth in the last two years. India targets to export military hardware worth US$ 5 billion (Rs. 35,000 crores) in the next 5 years. As of 2019, India ranked 19th in the list of top defence exporters in the world by exporting defence products to 42 countries. India’s aim is to build and achieve ‘Aatmanirbharta’ (self-reliance) in defence and increase defence exports to US$5 billion by 2024.
Apart from the ongoing disputes in the Northern Kashmir as well as North Eastern State of Arunachal Pradesh, ASEAN as a regional institution is also faced with several non-traditional security threats in the forms of climate change, cross-border insurgency and international terrorism, illegal movement of people, trafficking and so on. There are also immense opportunities for Indian Defence companies in the neighbourhood and in BIMSTEC.
ICC National Expert Committee on Defence aims to discuss and deliberate on opportunities in Defence Production and Exports to the rest of the World