| | SEPTEMBER, 20244VOL 3 · ISSUE 1 - 9 · SEPTEMBER, 2024Finance Minister Nirmala Sitharaman recently unveiled a new initiative aimed at enhancing deep tech integration within the defense sector. According to an ICRA report, private sector firms in India are projected to secure defense contracts worth 60,000 crore in FY 2024-2025, accounting for approximately 22 percent of the industry's total value.India, recognized as one of the world's leading military powers, is now exceptionally well-positioned for Indigenous arms production, supported by an expanding defense budget. The private sector is increasingly playing a significant role in this domain. As of 2023, the defense sector has engaged 393 startups, MSMEs, and individual innovators, resulting in the signing of 270 contracts.According to IBEF data, the government has already earmarked funds to promote indigenous design and manufacturing and procurement from indigenous sources. For FY24, the fund allocation ratio stands at 67.75:32.25 between Domestic and Foreign procurement in the Capital Acquisition Budget of the Ministry of Defense (MoD). In addition, the MoD has also directed spending of Rs. 1,500 crore ($ 181.1 million) towards procurement from startups.On the other hand, the growing role of exports in India's defense portfolio can't be neglected anymore. India recently signed a defense contract with the Philippines in January 2022, valued at $375 million--the largest in Indian history. The contract involves the supply of shore-based anti-ship variants of the BrahMos missile system. India recorded its highest-ever defense exports, reaching $2.5 billion (Rs 20,915 crore) in the fiscal year 2023-24. As India looks forward to boosting all aspects of defense and manufacturing, private companies in the industry are expected to have great opportunities. We think it's an ideal time to publish our yearly special issue, shedding light on the defense industry.Sujith Vasudevan,Managing Editor sujith@cioinsiderindia.comOffice Editorial queries editor@cioinsiderindia.comAdvertising Queriessales@cioinsiderindia.comBangaloreTel 080 46441103 To subscribeVisit www.cioinsiderindia.com/subscribe/ or send email to: subscription@cioinsiderindia.comMagazine price is Rs 150 per issuePrabhu Dutta A.R.N RayGM - Sales & MarketingShashi RanjanMedia & Graphic Designing VisualizerMagendran PerumalCirculation ManagerEditorial TeamRoshan AktharNalini BramhanapalliViswanathan ANischita Prakash NaikCIOInsiderNo. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugheshpalya, Bangalore-560017Vayshnavi PDDesignerPublisher & EditorManaging EditorAlok ChaturvediSujith Vasudevan`Export' is the Best DefenseEditorialPrinted and published by Alok Chaturvedi on Behalf of Silicon Media Technologies Pvt Ltd and Printed at Executive Prints - 113/7, Ground floor, Old madras road, Halasuru, Bangalore 560008 and Published at No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2024 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.LLEEAADDIINNGG LLOOGGIISSTTIICCSS && EENNGGIINNEEEERRIINNGG CCOOMMPPAANNYY· Super Heavy and Over Dimensional Cargo Services (Transportation, Lifting, Erection, Commissioning and Decommissioning).· Chartering (Offshore Vessel and Break Bulk Vessel).· Container Freight Station, Inland Container Depot.· Freight Forwarding (Import, Export, Cross Country).· Warehousing at Nhava Sheva and other parts of the Country (General, Bonded).· Supply Base Management (Offshore and Onshore including setting up).· Customs Clearance (Import, Export, Re-Import, Re-Export, Technical Opinion).· Heavy Lift Engineering Services.· Vessel Agency in various Ports in India.· Statutory Clearance (DGH, DGS, PESO, MoD, ODAG, MoHA, DGFT, MMD, BARC, MoT and others).· Manufacturing and Supply of Customized Camps, Bunk House and Containers.· General Transportation.+91 22 62356235 | www.globotranspro.com | info@globotranspro.comTo supportabove services,we have ourown ResourceLogisticsSuccessfulCompanies10Themost
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