According to the "AMMO India 2024 Report," the Indian ammunition market is projected

Current Context: The AMMO India 2024 report is a collaborative effort by KPMG in India and the Federation of Indian Chambers of Commerce & Industry (FICCI) that delves into the potential and strategic advancements of India's ammunition industry.

• Key Findings:
• Global ammunition market: Valued at INR 1,29,260 crores (USD 15.5 billion) in 2023, with heavy calibre ammunition dominating the market.
• India's ammunition market: Currently valued at INR 7,057 crores (USD 844 million), expected to grow at a CAGR of 4.93% to INR 11,981 crores (USD 1.4 billion) by 2032.
• Growth drivers: Geopolitical conflicts, increased military spending, and rising insurgency are fueling the growth of the ammunition industry.
• Opportunities for India: The report highlights the immense potential for India to become a global powerhouse in ammunition manufacturing, given its strong domestic demand and government initiatives like 'Make in India'.
• Challenges: The Indian ammunition industry faces challenges such as outdated technology, inefficiencies, and a lack of private sector participation.

Question:

1 According to the "AMMO India 2024 Report, What is the projected value of India’s ammunition market by 2032?

• A) INR 7,057 crores (USD 844 million)
• B) INR 11,981 crores (USD 1.4 billion)
• C) INR 15,500 crores (USD 2 billion)
• D) INR 20,000 crores (USD 2.5 billion)

Answer: B) According to the "AMMO India 2024 Report, The report projects that India's ammunition market will grow to INR 11,981 crores (USD 1.4 billion) by 2032.