ICRA Limited (ICRA.BO)

India's private sector firms eye defence contracts; government borrowing surges in Pakistan

Indian private sector companies are set to secure defence contracts worth Rs 60,000 crore ($8.1 billion) in the fiscal year 2024-2025, accounting for roughly 22% of the industry's total value, according to a report by ICRA published on Tuesday. This development is part of India's broader push to reduce reliance on foreign defence equipment and promote domestic production.