From Buying Weapons to Selling Them to the World For decades, India had an uncomfortable reputation in defence: a major military power that also happened to be one of the world’s significant arms importers. That picture is beginning to change. India’s defence exports reached a record ₹38,424 crore in financial year 2025–26, according to the Ministry of Defence. That is an increase of ₹14,802 crore, or 62.66%, over the previous year’s ₹23,622 crore. The number is impressive. But the more interesting story is not simply the size of the cheque. It is what the cheque represents. India is increasingly trying to move from being primarily a buyer of military hardware to a manufacturer capable of selling defence products, systems, components and technology to other countries. And that is a much bigger transformation. ₹38,424 crore — but who is actually exporting? The headline number becomes more interesting when we look inside it. Defence Public Sector Undertakings contributed ₹21,071 crore, or 54.84% of exports, while the private sector contributed ₹17,353 crore, or 45.16%. The private sector’s role is particularly significant. For a long time, Indian defence manufacturing was strongly associated with government-owned organisations. Today, private companies, smaller manufacturers, technology firms and suppliers