India’s $33 billion defense production ambition is on track. Here are the potential gainers

Despite the recent crash of an India-made Tejas fighter jet at an airshow in Dubai, investors are bullish on New Delhi's defense ambitions as the country seeks to double its military production to 3 trillion rupees (about $33 billion) by 2029 . It also aims to raise its defense exports to 500 billion rupees by the same year, among other goals . "Given the geopolitical relations India shares with its neighbors and intent to modernize its armed forces, India's defense budget has remained elevated," Macquarie Research said in a report on Nov 20. India is the fifth-largest military spender globally, according to data from the Stockholm International Peace Research Institute. The April report showed that the country spent $86.1 billion on defense in 2024. Top picks India's private sector compan