In the 2023-24 Union Budget, the allocation for Defence modernisation increased to Rs. 1,62,600 crores, marking a 6.7 percent rise from FY 2022-23. The industry received Rs. 5,94,000 crores, reflecting a 13 percent increase from the previous year. In 2024, the Indian Army designated it as the Year of Technology Absorption, signifying a significant shift in its modernisation strategy. The "Make in India" and "Atmanirbhar Bharat" policies aim to reduce import dependence and encourage domestic production of defence technologies and products. Indian defence sector stocks surged sharply last week, gaining up to 28%, as the government's strong focus on the sector remains unwavering. These stocks are likely to continue their upward streak as, upon resuming charge as defence minister, Rajnath Singh set a target to generate military exports worth Rs 50,000 crore annually and vowed to fast-track initiatives under 'Make in India' for defence production. If you want to ride the wave, this sector can be greatly considered. What are the defence stocks that you are likely to buy and hold? Comment below! Unlock the secrets of successful investing with RR Finvests. Follow us to stay informed and empowered on your investment journey. Connect with us today!! RR Finvests. Rakesh JP Adithyavignesh Krishnakumar #assetmanagement #investments #SIP #investing #mutualfunds #investmentbanking #fundmanagement #assetmanagement #portfoliomanagement #compoudeffect #compoundinterest #rrfinvests #realestate #india #assets #pms #customer #invest #stockmarket #nifty50 #nifty #sensex #defence #defencestocks
