Nation

Indian defence exports sore to an all-time high of Rs 15,920 crore

A thumping demonstration of India’s Defence capabilities, India’s defence exports have reached an all-time high of Rs 15,920 crore in FY 2022–2023. The development can be attributed to the constant enhancement of India’s defence sector. In the past few years, India has not only taken various steps in the enhancement of its defence sector but has also simultaneously engaged with various countries to strengthen its defence cooperation. Notably, this year the Ministry of Defence was allocated approximately 5.94 lakh crore in Budget 2023–24, a jump of 13% over the previous year.

Defence Minister Rajnath Singh took to Twitter and called the achievement a ‘remarkable achievement’ for the country. India’s Defence export value stood at Rs 1521 crore in the year 2016–17, which currently stands at Rs 15,920 crore in 2022–23. The government’s steady efforts in the promotion of Indian defence exports are gradually transitioning India from the vision of “Make in India” to “Make for the World”. India now exports defence equipment to over 75 countries, primarily the United States, the Philippines, and other Southeast Asian, Middle Eastern, and African countries.

In March 2023, MoS for Defence Ajay Bhatt informed the parliament that “Expenditure on defence procurement from foreign sources has reduced from 46 percent of the overall expenditure in 2018-19 to 36.7 percent till December last year.” Furthermore, the Defence Ministry has set a target of Rs 1.75 lakh crore of defence production by 2025, which will include exports of Rs 35,000 crore.

In addition, there has been a consistent increase in the share of the capital acquisition budget, and DRDO is also undertaking various projects for the development of indigenous weapons and technologies. The gradual increase of startups in the defence industry is yet another significant aspect that is playing an instrumental role in the enhancement of the country’s defence capabilities. Initiatives like Mission DefSpace, Innovations for Defence Excellence (iDEX), and the SRIJNAN portal, among others, are constantly yielding positive results for the country’s defence export.

 

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