The Indian defence manufacturing has received a boost since the launch of the
‘Make in India’ campaign in September 2014. This review paper will investigate the
financial implications of such a policy-induced transformation of the defence
industrial base of India. Relying on official data received from the Ministry of
Defence (MoD), Press Information Bureau (PIB), Stockholm International Peace
Research Institute (SIPRI), Department for Promotion of Industry and Internal Trade
(DPIIT) and Scopus indexed-ABDC ranked journals, the paper traces the transition
from a chronic import dependency to an export orientation benefiting from an
emerging impetus. Crucial outcomes show that indigenous defence production
increased by 174% in value during FY 2014–15 to a record ₹1,27,434 crore FY 2023–24
before crossing ₹1.51 lakh crore in FY 2024–25. The export of defence was increased
over 30 times from ₹686 crore in FY 2013-14 to ₹21,083 crore in FY 2023-24. Defence
export is likely to reach ₹23,622 crore in FY 2024-25. The financial performance of
listed defence public sector undertakings (DPSUs), the role of private sector
participation in defence, the formation of Defence Industrial Corridors and
persisting structural issues like R&D under-investment and slow inflows of FDI.
Recommendations for domestic policymakers and international scholars are
discussed.
Chapters in this book
- 1. Project Renaissance 2026: A Surgical Turnaround Strategy for State-Owned Heritage Retail
- 2. Behavioural Intervention Training for Agra Police – An Action Research Study
- 3. Make in India in Defence Manufacturing: Financial Impact - A Comprehensive Review
- 4. Factors Affecting the Safety Management System During Airport Masterplan Development: A Case Study on Varanasi Airport
- 5. Financial and Institutional Framework for Land Monetisation by Indian Railways Under National Monetisation Pipeline (NMP 2.0)
- 6. The Unfinished Revolution: Panchayati Raj, Rural Governance, and the Road to 2047
- 7. India in Unpol Missions: An Analysis of Leadership Representation, Motivation, and Institutional Preparedness (with Special Reference to Unmiss)
- 8. Semiconductor Manufacturing in India: Assessing Its Impact on Gross Domestic Product and Pathways to Industrial Transformation
- 9. AI-Driven Admission Systems and their Impact on Admission intake and Institutional Diversity: A Review
- 10. Impact of Influencer Marketing on Consumer Financial Product Adoption in India
- 11. Market Entry Strategy and Consumer Demand Analysis for a Startup Venture in the Premium Decorative Lighting Industry in NCR
Abstract
Keywords
Make in India defence manufacturing indigenization Aatmanirbhar Bharat defence exports DPSUs defence budget financial impact India
Chapter information
| Chapter title | Make in India in Defence Manufacturing: Financial Impact - A Comprehensive Review |
|---|---|
| Author(s) | Ashwani Kumar, Regional Passport Officer, Chandigarh | Dr. Ruchi Jain Garg, Professor Sharda University |
| Book title | Confluence of Perspectives: Essays in Leadership, Management and Society Vol.1 |
| Editor(s) | Abhinanda Bhattacharya | Dr. Ruchi Jain Garg |
| Book Doi | https://doi.org/10.67103/IRG.COP1.2026.9788168516410 |
| DOI | https://doi.org/10.67103/IRG.COP1.2026.9788168516410.3 |
| Publication date | July 17, 2026 |
| Access | Restricted access |
How to cite
Ashwani Kumar, Regional Passport Officer, Chandigarh | Dr. Ruchi Jain Garg, Professor Sharda University. 2026. Make in India in Defence Manufacturing: Financial Impact - A Comprehensive Review. In: Abhinanda Bhattacharya | Dr. Ruchi Jain Garg (eds). Confluence of Perspectives: Essays in Leadership, Management and Society Vol.1. Book Doi https://doi.org/10.67103/IRG.COP1.2026.9788168516410. https://doi.org/10.67103/IRG.COP1.2026.9788168516410.3