Here table of contents: 1. Introduction: Global Defense 2. Importance of Self Reliance in Defense for India 3. Concept of Make in India 4. Initiatives under Make in India 5. Defense Procurement Policy: Major Change 6. Future Scope of Make in India and Conclusion Thank You Reach me at deshadi805@gmail.com

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SIES College of Management Studies
March, 2020
International Business
Global Defense: ‘Make in India’ Impact
Submitted by:
PG- A Group 04
Aditya Deshpande (Roll No.11)
Rhea Menon (Roll No.26)
Deevin Puthran (Roll No.36)
Sayani Ghosh (Roll No.45)
Shashank Joshi (Roll No.46)
Vaishnavi Thakur (Roll No.54)

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Sr. No. Name Page No.
1
Introduction: Global Defense
1.1 Statistics: Dominance by few countries
1.2 Global Defense Expenditures
3 - 4
2
Importance of Self Reliance in Defense for India
2.1 Background of Indian Defense Industry
2.2 National Budget Allocation
2.3 India's Defense Industry: An Overview
2.4 Importance of sector for India’s Ambitious 5 trillion
economy goal
2.5 Comparison with Neighbour Countries for Defense
Budgets
5 - 7
3
Concept of Make in India
3.1 Concept and Need of Initiative
3.2 Opportunities under Make in India for Defense
Manufacturing
3.3 Changes in Foreign Direct Policy
3.4 Current Scenario of Manufacturing under Make in India
3.5 Major investors at Global Stage
3.6 Views of Industry Experts
8- 10
4
Initiatives under Make in India
4.1 Building of Defense Corridors
4.2 Strategic Partnership Model
4.3 Promotion via DEDEXPO
4.4 Framing of Friendly Policies
4.5 Current Headlines with respect to Initiative
4.6 Criticism involved and Concerns
11 - 15
5
Defense Procurement Policy: Major Change
5.1 Defence Production Policy 2018
5.2 Defence Offset Policy 2016
16 – 18
6
Future Scope of Make in India and Conclusion
6.1 Future Scope, Recommendations
6.2 Conclusion
19
7 References 20

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1. Introduction: Global Defense
Size of Global Defense Market:
World military expenditure is estimated to have been $1822 billion in 2018. It was 2.6 per cent
higher in real terms than in 2017 and 5.4 per cent higher than in 2009. Global military spending
has been gradually rising following a post-2009 low in 2014. It is now 76 per cent higher than
the post-cold war low in 1998. This is evident from Figure 1.
Figure 1: World defense expenditure, by region, 1988–2018
The five biggest spenders in 2018 were the United States, China, Saudi Arabia, India and
France, which together accounted for 60 per cent of global military spending. Russia was the
sixth-largest spender in 2018. India with 66.5 Billion USD stood 4th
position after US, China
and Saudi Arabia. India spent 2.4% as share of GDP and this figure was raised by 29% with
respect to previous year. Increases in Indian military expenditure are largely motivated by
tensions and rivalry with Pakistan and China.
Figure 2: The share of world military expenditure of the 15 countries – 2018

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Global Defense Expenditures:
Figure 3: Defense spending as a share of gross domestic product, by country, 2018
A state’s defense expenditure as a share of GDP—also known as the military burden—is the
simplest measure of the relative economic burden the military places on that state. While
military burden varies widely between regions and between countries, the general trend is that
military spending as a share of GDP has decreased in all regions since 1999. The world military
burden of 2.1 per cent in 2018 was 0.5 percentage points lower than in 2009. India with 2.4%
of GDP expenditure is at relatively stable region. This is explained in Figure 3. Increasing
global defense spending would continue to create opportunities for defense contractors and
their supply chains.

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2. Importance of Self Reliance in Defense for India
Background of Indian Defense:
The defense industry of India is a strategically important sector in India. With a strength of
over 1.44 million active personnel, it is the world's 2nd largest military force after People's
Republic of China. India has the world's largest volunteer military of over 5.1 million
personnel. The total budget sanctioned for the Indian military for the financial year 2019 is
$60.9 billion.
But still, India is the largest arms importer in the world, with most of its high-tech, high-value
equipment such as aircraft, ships, submarines, missiles, etc. coming in from Russia. 12% of
worldwide arms exports (by value) reach India. India domestically produces only 45% to 50%
of defense products it uses, and the rest are imported. India's military–industrial complex has
had little success and only recently private sector was allowed to enter the defense production.
Union Budget Allocation for Defense:
Figure 4[A] and [B]
4A- Indian Budget Allocation (up to 2016)
4B- Comparison with respect to Pakistan (Data of 2018)

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Figure 5 [A] and [B]
5A- Share of Defense Services in defense Budget 2019-20
5B- Average annual growth in budget of Ministry of Defense (2009-10 to 2019-20)
India's Defense Industry: An Overview:
The post-independence industrial policy placed the production of defense items in the reserve
List making it mandatory for production to be taken up only by the public sector. Indian defense
industry is dominated by defense public sector undertakings (DPSUs) and ordnance factories
(OFs) which contribute about 90% of the total domestic defense manufacturing output. The 41
ordnance factories are spread across 26 different locations and employ close to 125,000 people.
The DPSUs and OFs manufacture a wide spectrum of equipment including small arms and
field guns, ammunitions, explosives, armored vehicles, transport vehicles, clothing, parachutes
and general stores. DPSUs account for approximately 65 percent of the total industrial output
of the defense public sector enterprises. Combined, the DPSUs and OFs have played a critical
role in building a domestic industrial base in this sector as they typically outsource 20 to 25%
of their production requirements to private companies.
TCS, BMS and FICV are in the early stages of development. Award of major projects under
'Make' category to Indian private industries is a new beginning in Indian defense
industrialization. Larsen & Toubro, Tata group, Pipapav Defense and Offshore Engineering
Ltd., Reliance Industries Ltd., Mahindra and Mahindra, Ashok Leyland Defense Systems,
Piramal System and Technologies are some of the key Indian players in the defense industry.
Following graph shows India’s import partners for defense as per SIPRI.
Figure 6: India’s Import Breakup (2018-19)

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Importance of Defense Sector in making India a 5 trillion economy:
With PM Modi’s mission to make India as 5 Trillion USD economy, the importance of defense
sector is vital. With indigenous defence production as a key to achieving the country's aim to
be a USD 5 trillion economy by 2024, the manufacturing sector has the potential to reach USD
1 trillion by 2025 and that the government is striving to achieve the goal by implementing key
flagship programs like 'Make in India'.
Comparison with Neighbor Countries for Defense Budgets:
With tension of neighbors like Pakistan and China whose defense budget is getting higher and
higher year by year, India can’t rely on import based defense system. It need to have
indigenization of defense and this would counteract the threat exposed to India by neighbors.
Figure 7: Comparison with Indian Neighbors for Defense (2018-19)

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3. Concept of Make in India
Concept:
Government of India launched "Make in India" - an initiative to encourage multi-national, as
well as national companies to manufacture their products in India. It was launched by Prime
Minister Narendra Modi on 25 September 2014. India emerged, after initiation of the program
in 2015 as the top destination globally for foreign direct investment, surpassing the United
States of America as well as the People's Republic of China. In 2015, India received US$63
billion in Foreign Direct Investment.
Sectors opened in Make in India Initiative: The sectors have been classified into 4 categories.
These are as follows:
Figure 8: Make in India Strategic Sectors
Need for Make in India in Defense:
To understand why we needed Make in India to include Defense Sector also, we need to
consider some figures and facts. First, India has the world’s 8th largest annual Defense Budget
as explained before. Then, allocation of about 1.8% of its Gross Domestic Product (GDP) is
made towards defense spending, of which 40% is allocated to capital acquisitions. Out of
which, about 70% of requirements are met through imports. So, there is a huge opportunity in
Capital procurement by Armed Forces and Homeland Security during next 7 years ( >US$ 200
Bn).
Opportunities under Make in India for Defense Manufacturing:
 The Indian aerospace and defense market is among the most attractive globally and the
Government is keen to leverage this in order to promote Defense Manufacturing
 Opportunities to avail defense offset obligations for technology upgradation
 Preference to `Buy (Indian)’ and `Buy and Make (Indian)’ over `Buy (Global)’ and
`Buy and Make (Global)’to attract foreign investment & indigenization of latest
technology
 Promote India as a Manufacturing hub

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Changes in Foreign Direct Policy:
1. FDI in Defense Sector raised from 26% to 49%. Also, 100% through automatic route
for most aero-components (Above 49% FDI, with the approval of Cabinet Committee
on Security (CCS) in case of induction of modern and ‘state-of-art’ technology)
2. Condition of ownership of 51% shareholding by single largest Indian shareholder
removed
3. Provisions to allow foreign OEM (Original Equipment Manufacturer) to select Indian
Production agency
4. Make in India Portal has been launched specifically for the defence sector
(www.makeinindiadefence.gov.in) Through this portal, all policies, procedures and
promotional measures related to defence
5. Provision for Maintenance TOT (Transfer of Technology) to Indian Industry partners
6. New category of capital procurement – Buy Indian —IDDM (Indigenously Designed,
Developed and Manufactured) introduced to encourage indigenous design,
development and manufacturing of defense equipment
Current Scenario of Manufacturing under Make in India:
Figure 9: Defense Public Sector Undertakings
Figure 10: Defense Private Sector Undertakings
Above two figure show that both Public and Private (Strategic Partnership with International
Partners) players are setting up the manufacturing plants for defense ornaments in states.

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Figure 11: Existing Aerospace Parks
Figure 12: Proposed and in pipeline Aerospace Parks under Make in India Defense
Major Investors from Global Stage:
Views of Industry Experts:
“We believe that the Make in India is the journey that will evolve into Make for India, and
later going global.”- Jayant Patil, L&T Defense and Aerospace
“The success of ‘Make in India’ for the defense industry is in ensuring the success of ‘Design
in India’, thus leveraging the strength of Indian engineers for India’s success.” - Pritpal
Singh, Head, Aerospace and Defense (Strategic Initiatives), WIPRO Limited

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4. Initiatives under Make in India
Building of Defense Corridors:
In Feb 2018, Development of 2 industrial corridors (Tamil Nadu & Uttar Pradesh) dedicated
to defence manufacturing. Investment of over Rs. 3700 crore was announced by various public
and private sector undertakings. Investment of Rs. 3200 crore was announced for Tamil Nadu
corridor. Six nodes in Uttar Pradesh Defence Corridor (UPDC) viz. Agra, Aligarh,
Chitrakookt, Jhansi, Kanpur and Luchnow have been identified. Similarly, for Tamil Nadu
Defence Corridor (TNDC), five nodes viz. Chennai, Coimbatore, Hosur, Salem, and
Tiruchirappalli have been identified.
Figure 13: Defense Corridors under Make in India
Plan of Action:
UPDC:
 IIT Kanpur and IIT Kashi Hindu University Varanasi have been approved by for
establishment of Centre of Excellence related with Defense Corridor. Technical
institutes have started working for CoE and Utility Certificate has also been made
available by above mentioned institutes.
 A proposal to establish the defence park as a joint venture of UPEIDA and IIT, Kanpur
 Uttar Pradesh Aero Space and Employment Promotion Policy have been published with
the objective of attracting investments in U.P. Defence Industrial Corridor.
 Swift action is being taken by UPEIDA regarding publishing of a policy related with
allotment of land to the investors in U.P. Defence Industrial Corridor.
 Interest has been expressed by various companies to establish defense industries at the
identified places for U.P. Defence Industrial Corridor.
TNDC:
 Development of Chennai Aerospace Park of total area 500 acres housing at least 50
aerospace or Defence companies forming a strong base for supporting large Original
Equipment Manufacturers.
 Setting Aircraft MRO (Maintenance Repair Overhauling) complex in Chennai,
Advanced Computing and Design Engineering Centre (ACDEC)

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Strategic Partnership Model:
In primary stage only following segments are open for partnerships:
1. Fighter Aircraft
2. Helicopters
3. Submarines
4. Armoured fighting vehicles (AFV)/Main Battle Tanks (MBT)
Following strategic partnerships were made as of now:
Lumax Auto Technologies Ltd and SIPAL S.p.A.: The proposed JV will be a full service
provider for all types of Integrated Logistic Support Engineering having a strong knowledge
and experience in Technical Publishing, Product/Manufacturing engineering, Process
engineering, design and manufacture of tooling, design of systems of production lines related
to the Aerospace, and Defence & Automotive sectors.
Tata Advanced Systems and Boeing: The proposed joint venture would be engaged in
manufacturing of aero structures for AH-64 Apache attack choppers and collaborating in
integrated systems development.
Kalyani Strategic Systems Ltd and Rafael Advanced Defence Systems Ltd: The proposed
JV will produce Spike Anti-Tank Guided Missiles (ATGM).
Mahindra Defence and Airbus Helicopters Ltd: The proposed JV will produce helicopters.
Kalyani Strategic Systems Ltd and Saab Group: The proposed joint venture would be
engaged in manufacturing of surface-to-air missile (SRSAM) system and very short-range air
defence (VSHORAD) air defence programmes
Punj Lloyd Ltd and Israel Weapon Industries: The proposed joint venture would be
engaged in manufacturing of guns and their components.
Bharat Electronics Ltd and Thales: The joint venture would be engaged in manufacturing of
new technology radars.
Establishment of long-term strategic partnerships between the Indian private sector and global
Original Equipment Manufacturers (OEMs) through a transparent and competitive process- to
seek technology transfers which will enable the setting up of domestic manufacturing
infrastructure and supply chains.
Promotion via DEDEXPO:
Defence Exhibition Organisation is an autonomous organisation of the Indian
Government established to promote export potential of the Indian defence industry. The agency
is responsible for organising international exhibitions such as DEFEXPO. The event provides
an ideal platform for business, decision makers and policymakers to interact, to address

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common concerns and to not only establish India as a defence manufacturing hub but also to
bolster the global ecosystem.
DefExpo 2018-the 10th edition of the biennial mega defence exhibition-pitched India as the
'Emerging Defence Manufacturing Hub’. The Previous edition was the stage for over 50
bilateral G2G Meetings, the signing of 40 MoUs, and witnessed participation from over 700
exhibitors.
DefExpo-2020 was held at the Uttar Pradesh capital city from February 5-8 with the theme
'India: The Emerging Defence Manufacturing Hub'.
Framing of Friendly Policies:
There has been relaxation of restriction and red tape concerns over this initiative. Following
are some policy inclusion for Make in India:
1. FDI Policy: As explained earlier, 49% through Automatic route and up to 100% through
Government route and 100% through automatic route for most aero-components
2. Industrial License: Reduced entry barriers for new entrants, as the new liberalized
regime has scrapped obtaining Industrial Licensing for the majority of
components/parts/sub-systems for defence manufacturing. In order to ensure continued
manufacturing of defence and aerospace products, validity of licenses has been
increased from 3 to 15 years
3. Authorisation for Export: A web-based single window interface has been created to
issue authorisation for export. The process is transparent and time-bound. Average
processing time has been reduced to 25 days, and 70% of the NOCs were issued in 15
days
4. Innovations for Defence Excellence: As the execution arm of Defence Innovation
Organisation, it aims to set up Defence Innovation Hubs across the country - to develop
an ecosystem that will foster innovation and technology development in the Aerospace
& Defence sector by engaging industries including MSMEs, startups, Individual
Innovators, R&D institutes and academia. It has created The Defence India Startup
Challenge which is an initiative by the Defence Innovation Organization in partnership
with Atal Innovation Mission. It aims to support Startups/MSMEs/ Innovators in
creating prototypes and/or commercialising products/solutions in the arena of National
Defence and Security
5. Tax Benefits: Government announced a phased reduction in the corporate tax rate from
30% to 25% over the next four years. The tax rate applicable to foreign companies on
royalty was reduced from 25% to 10%. Over the past years, the government has been
focussing on ease of doing business in India as well on creating a tax environment
which boosts the confidence of foreign companies. The impact of these efforts may be
seen in the medium to long term.
6. Inclusion of New Age Defense Mechanisms: A roadmap has been prepared to make
India a major player in AI in defense. In field of Aviation, Naval, Land Systems, Cyber
and Nuclear and Biological warfare including both defensive and offensive including
counter AI is considered. Ministry of Defense has initiated development of 25 AI based
products/ applications for defense.

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Current Headlines with respect to Initiative:
Headline in The Diplomat
The TOI Headline
Headline in The Print
The TOI Headline
Live Mint Headline

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Financial Express Headline
Criticism involved and Concerns:
With great publicity and promotion, Modi Govt started this campaign in 2014-15. But even
after 6 years, the main expectations from initiative are not yet fulfilled. There has been many
concerns and many analysts have made major criticisms over the initiative. Following are some
headlines and concerns shown at not only national but at international stage.
Headlines from TOI [1], Report on Economic and Political Weekly [2], The Economist
Opinion [3] and Observer Research Foundation [4]

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5. Defense Production Policy: Major Change
Defence Production Policy 2018:
With Make in India, major change happened with Defence Production Policy 2018. The policy
has the following goals and objectives:
1. To reduce current dependence on imports and strive to achieve self-reliance in
development and manufacture of following weapon systems/platforms latest by 2025:
1.1 Fighter Aircraft
1.2 Medium Lift, Attack and Utility Helicopters
1.3 Warships
1.4 Land Combat Vehicles
1.5 Autonomous Weapon Systems
1.6 Missile Systems
1.7 Gun Systems
1.8 Small Arms
1.9 Ammunition and Explosives
2. To achieve a turnover of Rs 1,70,000 Crores (USD 26 Bn approx) in aerospace and
defence goods and services by 2025 involving additional investment of nearly Rs
70,000 Crores (USD 10 Bn approx) creating employment for nearly 2 to 3 Million
people
3. To achieve export of Rs 35,000 Crores (USD 05 Bn approx) in defence goods and
services by 2025
4. To facilitate inculcation of zero defect zero effect (ZED) manufacturing culture
amongst MSMEs resulting in creation of quality conscious and responsible
manufacturers
Strategies:
1. Technology Perspective Capability Roadmap (TPCR), which lists out the
platform/weapon systems being considered for procurement in the next 10 year
timeframe by our Services will be hosted on Department of Defence Production website
to provide our private industry greater visibility into the likely opportunities in the
defence sector. Understanding future capital priorities will allow industry to position
themselves in an optimal manner to compete at the appropriate time.
2. Synergy between defence procurement and defence production:
3. Liberalization of licensing process: Licensing process for defence industries will be
liberalised. The list of items requiring licenses will be reviewed and pruned. Except a
small list comprising of weapon system/platforms/equipment of combative nature,
other items will be taken out of purview of licensing.
4. Open Competition: Revenue procurement and outsourcing of services will be
progressively made competitive through increased participation of industry. Only
niche/core products will be manufactured by OFB. Several non-core items have already

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been de-notified from the OFB list and Ordnance Factories are competing with industry
for supply of these items.
5. Vendor Development and Outsourcing: Ordnance Factory Board (OFB) and Defence
Public Sector Undertakings (DPSUs) will focus on system integration, design and
development, and will actively engage domestic vendors in the private sector for other
assembly work. Similarly, private defence majors will also be encouraged to play the
role of a System Integrator and setup an extensive eco-system comprising development
partners, specialised vendors and suppliers, particularly from the MSME sector.
6. Inclusion of START-UPS: Hackathons will be conducted on specific problem areas.
Department of Defence Production and Department of Defence R&D will announce
challenges for major defence R&D requirements for institutions to participate with
well-defined outcomes. A scheme titled Innovations for Defence Excellence (iDeX)
will be formulated which will set up Defence Innovation Hubs throughout the country
to provide necessary incubation and infrastructure support to the start-ups in defence
area. Wherever required, private venture capital into the defence sector, especially for
start-ups will be encouraged.
7. STANDARDIZATION AND QUALITY ASSURANCE: Accredited third-party
bodies and self-certification will be promoted for conformity assessment across all
platforms and throughout value chain. For the MSMEs to be more quality conscious, a
comprehensive Defence Rating mechanism may be established for which the Zero
Defect Zero Effect (Defence) initiative may be leveraged.
Defence Offset Policy 2016:
Concept of Offset: Defence offset means “a supplier places work to an agreed value with firms
in the buying country, over and above what it would have brought in the absence of the offset.”
Hence under defence offset, a foreign supplier of equipment agrees to manufacture a given
percent of his product (in terms of value) in the buying country. Sometimes this may take place
with technology transfer.
Origin: The defence offset policy is a part of Defence Procurement and Procedure (DPP). The
latest one is the DPP 2016. Developing indigenous defence sector is the major objective of the
defence. Major feature of the 2016 offset policy is that it increases the threshold of defence
offset to Rs 2000 crore from the current level of Rs 300 crores under “buy” and ‘buy and make”
categories. This means that only those purchase of above Rs 2000 crore that the foreign
company has to ensure 30% domestic value addition in India.
The process of Offset implementation has been streamlined. The requirement of prescribing
Indian Offset Partners and components for Offset discharge for the entire period of contract, at
the time of signing, has been done away with - giving more flexibility to OEMs. The provision
of 'Services' for discharge of Offsets has been reinstated based on demands of the industry.

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Following figure shows the changed system for offset:
Figure 14: Defense Offset Policy 2016
With these two policies being implemented, the Make in India would be greatly benefited by
Defense Sector and the targets set by Defense Procurement and Procedure would be met by
2025.

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6. Future Scope of Make in India and Conclusions
Future Scope and Recommendations:
The next five years will see considerable change in the dynamics of the industry. The results
of liberalisation and proactive policy decisions by the government in the last two years are
beginning to bear fruit and will gather momentum as decisions are executed. From a demand
perspective, while the overall size of the market is anticipated to grow, there is uncertainty
related to the functional aspects of the new DPP. From a supply perspective, DPSUs/OEMs
will continue to meet the needs of the services till RFPs are issued in the new categorisation
and contracts awarded. This will also give private companies time to form partnerships and
ramp up capabilities and capacities.
The development of key technologies and manufacturing skills related to setting up a
comprehensive industrial base is in its early stages of evolution. Both domestic players and
international entrants need to lay emphasis on setting the foundations of their businesses so that
they are able to capture value as the Indian aerospace and defense market matures over the next
five years. In doing so, stakeholders need to understand the nature of the market, their
participation in key sectors of the value chain, making investments in building capabilities in
niche areas of the value chain and executing for the long run.
The report by pwc suggest following 6 necessary steps for success of Make in India for Defense
Industry:
1. Creating an eco-system for building an industrial base in A&D
2. Change in the mind-set
3. Align tax policies to create synergies
4. Increase outsourcing
5. Leverage M-SIPS of the Department of Electronics and Information Technology to
encourage defense production
6. Include R&D as an eligible offset activity
Conclusion:
What we feel is, India needs to develop a macro vision for promoting 'Make in India' in defense
sector to attain the level of developed countries in defense manufacturing. It should not only
have Make ‘In’ India approach but also Make ‘For’ India. It should first satisfy the domestic
market and then look for the exports. Present approach is more of export oriented than for the
domestic market. The government should rather focus on creating an environment where all
sorts of enterprise can flourish, and then leaving entrepreneurs to choose what they want to do.
Make in India will typically mean more openness, as we create an environment that makes our
firms able to compete with the rest of the world, and encourages foreign producers to come and
take advantage of our environment to create jobs in India. India has the potential to emerge as
a global platform for defence research, manufacturing, supply chain sourcing, software
development which would further feed global defense needs.

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References
1. ‘Trends in World Military Expenditure, 2018’, SIPRI Fact Sheet, April 2019, Retrieved
From: https://www.sipri.org/sites/default/files/2019-04/fs_1904_milex_2018.pdf
2. Department of Defense Production Official Sites:
https://www.makeinindiadefense.gov.in/;
http://www.makeinindia.com/sector/defense-manufacturing
3. ‘Make In India: Opportunities And Challenges In Defense Sector’, Azhar Shaikh Et Al,
International Journal of Research in Commerce & Management, Volume No. 7 (2016),
PP 13-15
4. Defense of Japan 2019, Minister of Defense, Japan Retrieved From:
https://www.mod.go.jp/e/publ/w_paper/2019.html
5. ‘Make in India: Achieving self-reliance in defense production’, Report by
ASSOCHAM and pwc, 2016, Retrieved From:
https://www.pwc.in/assets/pdfs/publications/2016/make-in-india-achieving-self-
reliance-in-defense-production.pdf
6. ‘Indian Aerospace: Taking Off’, Report by Department of Defense Production,
Ministry of Defense, Retrieved From:
https://makeinindiadefense.gov.in/admin/webroot/writereaddata/upload/recentactivity/
Indian-Aerospace-Taking-Off.pdf
7. ‘The Indigenisation of India’s Defense Industry’, Dhruva Jaishankar, Impact Series,
Brookings Institution India Center, August 2019, Retrieved From:
https://www.brookings.edu/wp-content/uploads/2019/08/The-Indigenisation-of-India-
Defense-Industy-without-cutmar-for-web.pdf
8. ‘2020 global aerospace and defense industry outlook’, Deloitte, Retrieved From:
https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Manufacturing/gx
-global-outlook-ad-2020.pdf
9. Defense Production Policy 2018, Ministry of Defense, 2018, Retrieved From:
http://www.makeinindiadefense.gov.in/admin/writereaddata/upload/Draft_Defense_P
roduction_Policy_2018.pdf
10. https://www.dfat.gov.au/geo/india/ies/chapter-13.html
11. https://prsindia.org/parliamenttrack/budgets/demand-grants-analysis-defense
12. https://www.investindia.gov.in/sector/defence-manufacturing