New Delhi, July 14 -- India's defence capital expenditure is projected to grow at an 11 per cent compound annual growth rate (CAGR) between FY2026 and FY2030, reaching around Rs 2.8 trillion, according to a report by Kotak Institutional Equities.

The expected growth is supported by policy measures such as positive indigenisation lists and the Defence Acquisition Procedure 2020, which mandate more than 50 per cent local content in procurement.

Exports Expand, New Markets Emerge

India's defence exports have increased nearly 50 times over the past decade, driven by cost-competitive indigenous platforms, easing export controls, and demonstrated combat performance in recent operations. While the United States remains the largest export dest...