India's Defence budget to rise five-fold to Rs 31.7 lakh crore by 2047, says CII KPMG Report

India's defence sector is poised for substantial growth by 2047, with the budget expected to reach Rs 31.7 lakh crore, a five-fold increase from 2024-25. Defence production is projected to hit Rs 8.8 lakh crore, and exports are likely to rise to Rs 2.8 lakh crore. Challenges remain, including import dependence, a skilled manpower shortage, and geopolitical tensions.