New Delhi, June 17 (IANS): The Union government's policy of boosting defence production as part of the drive towards an Aatmanirbhar Bharat is increasingly reflected in the rising order books of the country's defence equipment manufacturing companies and underlines a positive outlook for the sector ahead.
Bengaluru-based Bharat Electronics Limited (BEL), a key player in the country's defence industry, has an order book that stands at a robust Rs 75,934 crore.
Hindustan Aeronautics Limited (HAL), which caters mainly to the Indian Air Force, has an order book of Rs 38,561 crore and is poised for a bigger leap in technology as India and the US are ready to sign an agreement for the manufacture of advanced GE engines for military planes at HAL's facilities.
Larsen & Toubro (L&T), another major player in the defence industry, has an extensive order book worth a staggering Rs 94,000 crore.
These large order books indicate the capability of these companies to cater to the demand for advanced defence technologies and the significant contribution they are making in the country's march to self-reliance.
Hyderabad-based Bharat Dynamics Limited (BDL), which manufactures guided missile systems and Mazagon Dock Shipbuilders Limited, have order books of Rs 22,652 crore and Rs 22,000 crore, respectively, as well Astra Microwave with a Rs 1,956 crore order book all gearing up to expand operations and capitalise on the global market.
Companies such as Cochin Shipyard Limited, with an order book of Rs 12,781 crore, and Mishra Dhatu Nigam Limited (MIDHANI), with Rs 5,129 crore are other examples of Indian defence companies that are poised to surge ahead.
The government's plan of stepping up defence exports aims to catapult India as a major player in the global defence market.
Defence Minister Rajnath Singh, after taking charge of the Ministry for the second term, last week, said, "Defence exports had touched a record Rs 21,083 crore in financial year 2023-24. It was historic. Our target will be to export more than Rs 50,000 crore worth of defence equipment by 2028-2029."
This reiteration of the government's ambitious plans for promoting defence production triggered a surge in the stock prices of the defence companies and a consequent jump in their market cap which underlines the huge faith and expectation that investors are pinning on the sector.