New Delhi [India], June 23 (ANI): Traditionally heavily reliant on foreign suppliers for defence equipment, India has significantly reduced its dependence on defence imports over the last 14 years, marking a major shift in its defence strategy and policy.

According to a report by Kotak Mutual Fund, India, which in 2010 was the largest importer of defence equipment, slipped to fourth place in 2024.

In 2010, India accounted for 11 per cent of the world's total defence imports, making it the top importer globally. Pakistan, with 9 per cent, Australia, at 6 per cent, and South Korea, at 5 per cent, followed suit.

Countries like Saudi Arabia, the United States, Singapore, and China each had a 4 per cent share, while Algeria and Portugal accounted for 3 per cent each. The remaining 47 per cent was shared among other countries.

The report stated that this decline is the result of India's focus on indigenisation and strengthening domestic defence manufacturing.

As per the 2024 data, Ukraine has become the world's largest importer of defence equipment accounting for 18 per cent of the global imports. This sharp rise has been attributed to to the ongoing Russia-Ukraine war, which has pushed Ukraine's demand for military equipment.

Poland has emerged as the second-largest importer, with a 5 per cent share of global imports, followed by the United States in third place, with a 4 per cent share. India now shares the fourth position along with Qatar, Saudi Arabia, South Korea, and Australia, each holding a 4 per cent share of global imports.

Other countries, like Japan and Pakistan, each account for 3 per cent of the global imports. The 'Others' category, which includes all remaining nations, remained unchanged at 47 per cent in both 2010 and 2024.

This major change highlighted India's defence manufacturing progress and reduced dependency on foreign arms.

The Kotak report also noted that the government's push for domestic defence production has helped reduce imports and improved defence exports.

India's defence exports have seen strong growth in recent years, registering a compound annual growth rate (CAGR) of 41 per cent since 2017. The exports have increased from Rs 15 billion in 2017 to Rs 236 billion in 2024.

The report concluded that India's defence sector is becoming more self-reliant, contributing to both national security and economic growth. (ANI)