Defence Minister Rajnath Singh chaired a Consultative Committee meeting of the Ministry of Defence on force modernisation in Jaisalmer, Rajasthan, on November 3, 2026. During the meeting, the minister outlined the government’s target to reach ₹3 lakh crore in annual defence production and ₹50,000 crore in defence exports by 2029.
According to the ministry, the defence budget for FY 2026-27 was raised to a record ₹7.85 lakh crore, which includes a capital outlay of ₹2.19 lakh crore earmarked for capital procurement and modernisation. Defence production grew to ₹1.78 lakh crore in FY 2025-26 from ₹46,429 crore in FY 2014-15, while defence exports reached approximately ₹40,000 crore.
The minister also highlighted structural updates within the armed forces, noting that the Indian Army has introduced new specialized formations—including the ‘Asani’, ‘Bhairav’, and ‘Shaktiban’ platoons—to meet modern operational demands.
What it means
- The FY 2026-27 defence budget includes ₹2.19 lakh crore allocated specifically for modernisation and capital procurement.
Source
Press Information Bureau, Government of India, “Raksha Mantri chairs meeting of Consultative Committee of Ministry of Defence on ‘Modernisation of Indian Defence Forces’ in Jaisalmer”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
Official RBI, SEBI, Government and Defence updates as they happen.
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