In a highly competitive international defence market, India has recently made its mark and has huge opportunity to become a significant player. India’s defence exports have reached to an all-time high of approximately ₹16,000crore (US $ 1.94 billion) in the FY 2022-2023, a notable ten-fold increase from the FY 2016–17, when exports were merely ₹1,521 crore (US $ 184.59 million). This is a significant step towards India’s stated goal of exporting ₹35,000 crore (US $ 5 billion) worth of aerospace and defence equipment annually by 2025 and becoming a net defence exporter. However, important issues remain to be addressed, including adding high value weapon systems and equipment to its export basket, attracting FDI in defence sector, increasing the contribution of private sector in defence production and integrating the country into Global Value Chains (GVCs) in defence sector for achieving the set targets.