Photo: Ideaforge
The Economist 26 June 2023
India’s foreign policy is underpinned by a deep, post-colonial fear of being beholden to a richer power. That is why the country—which is the world’s largest importer of weapons—is desperate to expand its own defence industry. A “Make in India” policy was launched eight years ago, followed in 2020 by another initiative called “Atmanirbhar Bharat” (“Self-reliant India”).
One beneficiary has been ideaForge, a domestic dronemaker. Formed in 2007, the firm now accounts for half of India’s growing drones market. Much of that is down to orders for surveillance drones from the country’s army, which account for 75% of revenues. On Monday the company goes public, hoping to raise 2.4bn rupees ($29m) to fuel more growth. But it will face fierce competition. More local startups are entering the fray; there are much larger challengers abroad. Last week India announced that it will acquire 31 American MQ-9B drones, a far more sophisticated version of ideaForge’s product.