A strategically significant sector in India is the defence industry. With over 14.4 lakh (1.44 million) active personnel, India's military is among the largest in the world. The total budget approved for the Indian military for the fiscal year 2021 is 4.78 lakh crore (US$60 billion).[3][4] It has the third largest annual defence budget after the United States (US$732 b) and China (US$261 b). It has the largest volunteer military in the world with over 51 lakh (5.1 million) personnel. It accounts for 9.2% of all worldwide defence imports and is the second-largest buyer after Saudi Arabia. In India, the government owns 80% of the domestic defence industry. The DRDO with its 50 labs, 4 defence shipyards, and 12 defence PSUs are all part of the public sector.
With an annual export target of US$5 billion by 2025, India's "Defence Production Policy of 2018" (DPrP-2018) aims to rank among the top 5 global producers of aerospace and defence manufacturing. [6][7] 12% of global arms exports (by value) reach India. [8] India domestically produces only 45% to 50% of the defence products it uses, and the rest is imported. [9] India's military-industrial complex has had limited success, and only recently private sector was
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