India’s Defence budget for 2022-23 was $70.6 Bn. Why CAs should explore defence and space sectors.

• India’s defense sector has become an attractive investment opportunity due to the government’s push for localization.
• Hi, I am Pankaj Dara, and have been a Practicing Chartered Accountant for over 21 years.
• Given that the Indian defense startup ecosystem is booming, CAs need to look into this untapped sector where they can hugely contribute.

Opportunity for entrepreneurs to contribute to the Indian Defence Sector

I started my Chartered Accountancy practice 21 years ago. And for the last two to three years, I have been thinking about what the Indian government should do to support defense startups.

India’s defense budget for 2022-23 is Rs 5.25 lakh crore ($70.6 billion), which is almost 2.6% of India’s GDP.

This is a massive amount of expenditure and around 60-62% of India’s military equipment is currently imported.