ET WLF 2026: Private players discuss India’s path from defence importer to global power

As India’s defence sector enters a new phase, its private players are also at a turning point, with leaders at the ET World Leaders Forum highlighting the need for stronger funding, indigenous IP and innovation.

“A product can truly be called Indian only when it is innovated and developed in India, rather than built to print or based on transferred technology,” said Puneet Kaura, MD & CEO, Samtel Avionics.

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Commenting on the challenges, Kaura said the government is keen to expand India’s export market.

“What is missing is dedicated focus on marketing these products more strongly from India. SIDM is already putting in a lot of effort. But there are certain issues that arise when you export. Do we have a help desk in the Ministry of Defence that can take up issues faced by exporters after the export is completed and address them? There is also a need for faster export clearances, which have improved but can be further streamlined.”

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In FY26, India’s annual defence production rose to an all-time high of Rs 1.78 lakh crore, more than doubling in five years as the government’s push for self-reliance in military manufacturing gathered pace. The record output marked a 15.6% increase from Rs 1.54 lakh crore in FY2024-25 and a 110% jump from Rs 84,643 crore in FY2020-21, according to the Ministry of Defence (MoD). Indigenous defence production has nearly quadrupled from Rs 43,746 crore in FY2013-14, underscoring the rapid expansion of domestic manufacturing capabilities.

“When you build up your capability, you get funding. When you get funding, you do R&D. And when you do R&D, you break that dogma and move into many other areas, like exports and owning sovereign IP in India,” said Sameer Joshi, CEO & Director, NewSpace Research & Technologies. “For deep tech development, the grants should always be linked to a milestone-style growth, not a one-time grant. There will be genuine IP creation in India in the next 2 to 3 years under the vision of the Government of India.”

“If private sector can do a particular type of emulation, then they should be given preference. It is in the interest of the nation,” said Satyanarayan Nandlal Nuwal, Founder & Chairman, Solar Group.

At the same time, “Licensed technology is not a solution. Technology transfer is not a solution. If we have an IP, that is the only way we can get better,” said Rajendra Chodankar, Founder & Chairman, RRP Defense.