India’s defense exports in the financial year 2022-2023 have reached an all-time high of Rs 15,920 crore, marking a 10-fold rise since 2016-17, official data revealed. The country’s defense exports for the last six years were Rs 12,814 crore in 2021-22, Rs 8,434 crore in 2020-21, Rs 9,115 crore in 2019-20, Rs 10,745 crore in 2018-19, Rs 4,682 crore in 2017-18 and Rs 1,521 crore in 2016-17.
Calling it a remarkable achievement, Defense Minister Rajnath Singh said that “our defense exports will continue to grow exponentially, under the inspiring leadership of PM Modi”.
“our defense exports will continue to grow exponentially, under the inspiring leadership of PM Modi”.
A clear manifestation of India’s talent and enthusiasm towards ‘Make in India’
Prime Minister Narendra Modi tweeted, “Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.” He added that the rise in defence exports highlights the success of reforms in the sector over the last few years, and the government will continue to support efforts to make India a defence production hub.
Excellent! A clear manifestation of India’s talent and the enthusiasm towards ‘Make in India.’ It also shows the reforms in this sector over the last few years are delivering good results. Our Government will keep supporting efforts to make India a defence production hub.
India’s defence exports have been witnessing significant growth in recent years. The value of India’s defence exports has increased tenfold since FY 2016-17, and as per Defence Minister Rajnath Singh, it is expected to touch an all-time high of Rs 35,000-40,000 crore by 2026. He had also noted that 80 per cent of the products procured by the defence sector were indigenised, indicating India’s strides towards self-reliance in the sector.
Aatmanirbharata in the defence sector
Self-reliance or Aatmanirbharata in the defence sector has been a major policy initiative of PM Modi. The defence ministry has launched several new policies to achieve its target of raising India’s annual defence exports to $5 billion by 2024-25. It has earmarked 75 per cent of its defence capital budget for 2023-24 towards procurements from domestic sources and three positive indigenisation lists of 3,738 items, for which there would be an embargo on import beyond the timelines specified against them.
However, a recent report by the Stockholm International Peace Research Institute (SIPRI) shows that India remains the world’s largest arms importer from 2018 to 2022, accounting for an 11 per cent share of total global arms imports. “India was the world’s biggest importer of major arms in 2018-22, a position it has held for the period 1993-2022,” it said.
While India’s dependence on arms imports from other countries remains high, the significant rise in defense exports and the government’s push for self-reliance are encouraging signs for India’s defense sector.
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