Latest news with #KPMGIndia
Hans India
3 days ago
- Business
- Hans India
India's defence production projected to jump 6-fold to Rs 8.8 lakh crore in 2047
The country's defence production is expected to surge over six-fold to Rs 8.8 lakh crore in 2047 from Rs 1.46 lakh crore in 2024-25, according to a report compiled by the Confederation of Indian Industry (CII) and KPMG India. India's annual defence budget could increase around five-fold to Rs 31.7 lakh crore in 2047, from Rs 6.81 lakh crore currently allocated for financial year 2025-26. The report — titled 'Atmanirbhar, Agrani, and Atulya Bharat 2047' — released at the CII annual business summit here, estimates India's defence exports to rise to Rs 2.8 lakh crore in 2047, which represents a nearly 12-fold jump compared to the corresponding figure of Rs 24,000 crore for 2024-25. The report pegs the country's total defence expenditure at 4.5 per cnet of GDP for 2047, up from 2 per cent of GDP at present. The allocation for R&D (research and development) in the defence budget is also expected to from 4 per cent at present to 8-10 per cent as the country pursues the development of cutting-edge technology for military hardware. The report observes that achieving the vision of India as a developed nation by 2047 with a strengthened defence sector, faces some challenges. However, promoting robust public-private partnerships is necessary and incentives are required to encourage the private sector enter and sustain in the defence manufacturing domain. 'Intellectual property (IP) rights and technology-transfer issues with foreign collaborators also present obstacles in achieving self-reliance. Addressing these challenges requires strategic planning, increased budget allocations, streamlined procedures, robust policy frameworks, and fostering a culture of innovation and collaboration between the public and private sectors,' the report states. Highlighting India's aspirations to emerge as a leading nation in the global defence hierarchy, the report identifies 'strategic vectors' with specific timelines to achieve this goal. The vectors include achieving enhanced self-reliance in defence production and capabilities by 2032, by targeting critical areas for comprehensive indigenous development, reducing dependence on foreign suppliers, and fostering innovation through domestic R&D and manufacturing excellence. The report further states that by 2038, India should aim to become one of the top-five global exporters of high-quality defence equipment and technology by expanding international partnerships, meeting global standards, and vigorously promoting defence products in international markets. It fixes a 2045 target for India to become a world leader in developing and deploying cutting-edge niche technologies across the defence sector, by encouraging collaboration between industry, academia, and government, and driving substantial investments in futuristic R&D. By committing to these vectors, India can turn its aspirations into reality, the report added.
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Business Standard
3 days ago
- Business
- Business Standard
India's defence budget may near Rs 32 trillion by 2047: CII-KPMG report
India's defence budget could rise a little under fivefold to Rs 31.7 trillion in 2047 from Rs 6.81 trillion in 2025-26 (FY26), with defence production increasing over sixfold to Rs 8.8 trillion from Rs 1.46 trillion in FY25, suggest the Defence Industrial Sector Vision 2047 report of the Confederation of Indian Industry (CII) and KPMG India. The report — titled 'Atmanirbhar, Agrani, and Atulya Bharat 2047' — unveiled on Thursday at the CII Annual Business Summit in New Delhi, also estimates India's defence exports to rise to Rs 2.8 trillion in 2047, up nearly twelvefold from Rs 24,000 crore in FY25. Similarly, total research and development (R&D) expenditure could jump from 4 per cent of the defence budget at present to 8-10 per cent, and defence spend could increase from 2 per cent of gross domestic product (GDP) to 4-5 per cent. Terming these figures milestones, the report underlines three conditions that have to be met in the coming years to achieve these. The report notes that achieving the vision of India as a developed nation by 2047, particularly through a strengthened defence sector, faces several roadblocks and challenges: 'Budgetary constraints could limit the necessary investments in modernising the armed forces and developing indigenous military technologies. Additionally, regulatory red tape and procedural quagmire often slow down defence procurement and indigenous R&D initiatives, creating inefficiencies. Dependence on defence imports for critical technologies remains a significant challenge, hindering self-reliance and innovation... Furthermore, there is a shortage of skilled manpower to drive advanced technological developments and manage sophisticated defence systems.' Stating that fostering robust public-private partnerships is necessary, the report argues this remains challenging because the private sector needs incentives and support to enter and sustain in the defence manufacturing domain. 'Intellectual property (IP) rights and technology-transfer issues with foreign collaborators also present obstacles in achieving self-reliance. Addressing these challenges requires strategic planning, increased Budget allocations, streamlined procedures, robust policy frameworks, and fostering a culture of innovation and collaboration between the public and private sectors.' Highlighting India's aspirations to emerge as a leading nation in the global defence hierarchy, the report lists 'strategic vectors' that break down this vision into three specific objectives. First, the report calls for achieving enhanced self-reliance in defence production and capabilities by 2032, by targeting critical areas for comprehensive indigenous development, reducing dependence on foreign suppliers, and fostering innovation through domestic R&D and manufacturing excellence. Second, by 2038, the report sees India becoming one of the top-five global exporters of high-quality defence equipment and technology by expanding international partnerships, meeting global standards, and vigorously promoting defence products in international markets. Third, by 2045, it calls on India to become a world leader in developing and deploying cutting-edge niche technologies across the defence sector, by encouraging collaboration between industry, academia, and government, and driving substantial investments in futuristic R&D.
Hans India
06-05-2025
- Business
- Hans India
76 pc Indians trust AI, far ahead of global average at 46 pc: Report
New Delhi: About 76 per cent of Indians are confident in using artificial intelligence (AI) technologies, a figure far higher than the global average of 46 per cent, a new report said on Tuesday. The report by KPMG, which surveyed over 48,000 people across 47 countries, highlighted India as a global leader in public trust and adoption of AI. The report, titled 'Trust, Attitudes and Use of Artificial Intelligence: A Global Study 2025', found that India is not only more optimistic about AI but is also more prepared to use it in everyday life and at work. According to the report, 90 per cent of Indian respondents said AI has improved accessibility and effectiveness in various areas, making it a transformative force in the country. At the same time, 97 per cent of Indians said they intentionally use AI at work, and 67 per cent said they couldn't complete their tasks without it. In comparison, only 58 per cent of employees globally report intentionally using AI, with just 31 per cent using it regularly. The report was led by Professor Nicole Gillespie and Dr Steve Lockey from the Melbourne Business School, in collaboration with KPMG. KPMG India's Akhilesh Tuteja said the findings show that "India is well-positioned to lead the world in ethical and innovative AI use". He noted that while optimism is high, responsible governance and policy frameworks are essential to ensure that AI is used safely and fairly. Professor Gillespie added that the global public wants reassurance that AI is being developed and used in a secure and transparent way. 'The importance of trust and governance in ensuring AI technologies are accepted and adopted widely,' she emphasised. Nearly 86 per cent have personally experienced or seen positive outcomes from AI, including better productivity, improved innovation, and reduced time spent on routine tasks. The report also found that AI training and understanding are higher in India compared to advanced economies. About 78 per cent of Indian respondents feel confident in their ability to use AI, 64 per cent have received some form of AI training, and 83 per cent feel they can use AI tools effectively, said the report.
