The Indian Defense Market – Attractiveness, Competitive Landscape and Forecasts to 2024, published by Researcher, provides readers with detailed analysis of both historic and forecast defense industry values, factors influencing demand, the challenges faced by industry participants, analysis of industry leading companies, and key news.

The growth in the Indian defense expenditure is mainly fueled by the need to secure its strategic interests while facing the rise of China. India shares a 3,323 km long land border with Pakistan, and an even longer 3,488 km border with People’s Republic of China (PRC), and has territorial disputes with both countries over the ownership of the Northern State of Kashmir and the North Eastern State of Arunachal Pradesh.

Pakistan has rejected the line of control (LoC) becoming an actual demarcated border between India and Pakistan, and China refuses to accept the McMahon Line as the demarcated border between the two countries and continues to stake claim over Arunachal Pradesh, which it deems to be an extension of the Tibetan Plateau.

Indian strategic concerns mainly revolve around the containment of the expanding Chinese influence in South Asia and the Indian Ocean Region (IOR), while preventing both China and Pakistan from forcefully changing the status-quo along the Indian frontiers.

The robust growth in Indian defense expenditure can thus be attributed to the precarious geo-strategic scenario and myriad of strategic challenges that continue to erode India’s strategic advantage over its adversaries. These factors have played a crucial role in spurring growth in the Indian base defense expenditure (excluding pensions) over the historic period, which increased from US$33.8 billion in 2015 to US$45.4 billion in 2019, reflecting a CAGR of 7.70% over the historic period.

Historic data shows that the average capital expenditure allocation of the total Indian defense budget was 32.2%, and the allocation is expected to decline marginally during the forecast period to an average of 32.1%.

The Indian MoD is expected to invest in conventional submarines, multi-role aircrafts, corvettes, tanks, artillery guns, Multi Barrel Rocket Launchers (MBRL), helicopters, nuclear submarines, surface-to-air missiles, Unmanned Aerial Vehicles (UAV) and frigates among others.