India's defence sector is set to grow steadily, supported by strong efforts towards indigenisation, a solid order pipeline, and rising growth opportunities, according to a recent report by Nirmal Bang.
The potential market opportunity for Indian defence companies is expected to rise at 14 per cent CAGR (Compound annual growth rate) over financial year (FY) 2024-FY 2030E (Estimated) driven by the government's indigenisation focus on export opportunity.