India's defence export boom could hit ₹65,000 crore by 2030; pvt sector startups the real play: Sunil Subramaniam

Market expert Sunil Subramaniam projects India's defence exports could reach around 60,000 to 65,000 crore by 2030, ahead of the government target of 50,000 crore by FY32, with private sector startups in drones and UAVs leading the charge. He advises investors to look past PSU-heavy Nifty Defence names and watch the upcoming defence IPO pipeline, where private startups will seek equity capital. He is also positive on pharma as a better dollar play than IT, citing GLP-1 generic opportunities and CDMO strength, while flagging the anticipated Jio IPO as an AI and platform story rather than a direct telecom comparison with Bharti Airtel.