NOVEMBER 20244Empowering India's Defence, Indigenously Indian defence equipment market has been rising with the growth of geopolitical tensions, increasing defence budget and the strong push for self-reliance under the `Make in India' and `Atmanirbhar Bharat' initiatives of the government. India has become one of the world's top defence spenders and is now the third largest military spender in the world. Modernization of the armed forces, strengthening premium focus on domestic manufacturing, and alliances with key global defence companies are the game changers causing this growth. Policies favor local manufacturers in response to government's efforts to bleach dependency on imports and bolster local production. This shift has received momentum with the defence Acquisition Procedure (DAP) 2020, which puts an emphasis on procuring from the domestic industries. This implies the domestic defence manufacturing sector will grow beyond 10 percent CAGR in the coming years.Across the combat aircraft, naval vessels, unmanned aerial vehicles (UAVs) and advanced artillery systems, the market has witnessed a tremendous rise in the demand. In this growth, India's defence public sector undertakings (DPSUs) are playing a crucial role. Furthermore, foreign direct investment (FDI) into the sector up to 74 per cent of foreign equity has been opened up for automatic route, with global players keen to set up joint ventures in India. The influx of foreign technology and expertise and rising R&D investments are expected to turn India into one of the major players in the global defence equipment market and the exports are likely to rise significantly in the following decade.In this special issue, we introduce you to the top companies in this segment. Industry Outlook has identified the select few companies that have done particularly well with a high level of dedication. We have found that they have gone the extra mile in proving their commitment to excellence in an integrated manner. We welcome your feedbacks and suggestion that you may have concerning this special issue. Sudhakar SinghManaging Editoreditor@theindustryoutlook.comVol 5 · Issue 14 - 11 · NOVEMBER, 2024Publisher Alok ChaturvediManaging Editor Sudhakar SinghAssociate EditorDarshan KAssistant Editor Roshan AktharEditorial TeamLakshmi PrabhaViswanathan AThiruamuthan T KGM - Media & Graphic Designing VisualizerPrabhu Dutta A.R.N Ray Senior DesignerRajesh R B Visualizer V Hari PriyaSuanya BanerjeeAdvertising QueriesPrajnya Paramita BholJaya AroraGM Sales & MarketingVirupakshi Pattarsales@theindustryoutlook.com Editorial Querieseditor@theindustryoutlook.comCirculation Manager Magendran PerumalMagazine Price is Rs. 150 per issuePrinted and Published By Alok Chaturvedi on behalf of Biz Print Media Technologies Pvt. Ltd. and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Publisher Alok ChaturvediCopyright © 2024 Biz Print Media Technologies Pvt. Ltd. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.
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