Before the presentation of the Annual Financial Statement for the year 2024-25, the Defence Production Department (DDP) has recently released a list with 346 essential items that are worth a total of Rs 1,048 crore in import substitution.

Budget 2024: In a significant step towards achieving self-reliance in the Indian defence sector, the Ministry of Defence (MoD) has announced the next list of the Positive Indigenisation List (PIL) for Defence Public Sector Undertakings (DPSUs).

Before the presentation of the Annual Financial Statement for the year 2024-25, the Defence Production Department (DDP) has recently released a list with 346 essential items that are worth a total of Rs 1,048 crore in import substitution. The objective behind the list is to trim down the country’s reliance on defence imports and give a boost to local production. Moreover, the plan is to source these key items solely from Indian businesses, as per the indigenous production timelines given on the Srijan portal.

Sector wise Expectations From Budget 2024

India’s primary market anticipates a bustling period ahead, with 55 companies planning to raise over Rs 68,000 crore via IPOs. Around 35 IPOs in the first half of 2025 raised around Rs 32,000 crore, with an average subscription rate of 61 times. Sector-wise, the real estate market is set for robust growth, driven by government policies and urbanisation, requiring Rs 14 lakh crore ($170 billion) in debt financing from 2024 to 2026. Mumbai, NCR and Bengaluru are expected to benefit the most, with significant increases in construction finance and lease rental discounting (LRD), which are anticipated to increase by 40 per cent over the next three years, said the report.

In the cement sector, major big players are expanding through inorganic acquisitions, expecting 6–7 per cent compounded growth in the coming years, with top five players set to dominate over half the market by March 2025. FMCG companies have started guiding for recovery in business from rural regions.

“For the first time in several quarters, they are providing positive guidance for at least the next two quarters, based on factors like a normal monsoon, robust rabi crop, bumper wheat crop and government measures, such as an increase in MSP and higher spending on MNREGA,” the report mentioned.

In the automobile sector, India may roll out the Faster Adoption & Manufacturing of Electric Vehicles (FAME) 3 scheme to encourage the sale of electric vehicles in the upcoming budget. “Electric two, three and four-wheelers are expected to be supported under the FAME scheme, which could receive a budgetary allocation of about Rs 10,000 crore,” said the report.

(With inputs from agencies)