He said India s annual defence production is expected to clock Rs 3 lakh crore and defence exports Rs 50,000 crore. According to latest data, the defence production has crossed Rs one lakh crore mark while the defence exports in 2023-24 has been estimated at around Rs 16,000 crore.
Feroze Azeez, Deputy CEO of Anand Rathi Wealth, believes that the upcoming budget will focus on Pragati (progress) and will allocate significant funds to home affairs, rural development, agriculture, and defense exports. He suggests investing in an SBI infrastructure fund for those interested in the infrastructure sector. Azeez praises the simplicity and under-commitment of the interim budget, which includes tax simplification and capital gain simplification.
With several works of the incumbent government highlighted in the speech, well-known think tank PRS Legislative Research has analysed key announcements made in the President’s Address from 2019 to 2023, and their current status.
India is becoming self-reliant in defence production and leading the top 25 countries in defence exports for the first time, according to Union Minister Ajay Bhatt. The government has issued four lists of 4,666 defence components, leading to significant savings.