Defence production in India has been sub-optimal for many decades since independence. Some of the Government regulations were a major impediment to the growth of the defence manufacturing sector. Of late, the Government of India has taken some bold steps for accelerating indigenous defence production, but the sector needs a booster dose to meet the future requirements of the Armed Forces. The Defence Expo 2020 held in Lucknow was one such initiative taken by the GoI in this regard. Of Late, India has become the world’s largest importer of weapons and ammunitions and these imports have become a major component of trade imbalance. The loss of foreign exchange over the years in military acquisitions would have certainly affected the growth of our nation. This is an attempt to look into some of the missed opportunities in the defence production sector over the decades, and analyse the current scenario to identify the thrust areas.