This report examines India’s defense industry transformation from major importer to emerging exporter, with exports surging from $83 million in 2013-14 to $2.63 billion in 2023-24 and a target of $4.22 billion by 2025. The growth stems from strategic policies including the Aatmanirbhar Bharat initiative, defense corridors in Uttar Pradesh and Tamil Nadu, and positive indigenization lists. Three sectors showcase India’s progress: artillery systems (K9 Vajra-T, Bharat-52, ATAGS) with exports to Armenia and Saudi Arabia; small arms production through the AK-203 joint venture with Russia and indigenous Ugram U-51 rifle; and ammunition manufacturing expansion by Munitions India Limited and Adani Defence, with export orders valued at $724.64 million over three years. The report acknowledges challenges including competition from established exporters, balancing domestic requirements with export commitments, and intellectual property concerns, while outlining strategies for India to become a reliable global provider of advanced defense systems.