Defence exports of India up by 23 times since 2014
India’s defense exports have achieved a record-breaking milestone, skyrocketing from 686 crore rupees in 2013-14 to nearly 16 thousand crore rupees in 2022-23. This impressive growth of 23 times demonstrates India’s advancement in the global defense manufacturing industry.
Defence exports of India up by 23 times since 2014: Key Points
- With exports reaching more than 85 countries, India’s defense sector has demonstrated its ability to design and develop high-quality products to the international community.
- Currently, 100 companies are engaged in exporting defense goods.
- The government has implemented several policy initiatives and reforms in the past nine years to bolster defense exports.
- The Atmanirbhar Bharat initiatives have greatly benefitted India by promoting indigenous design, development, and manufacturing of defense equipment within the country.
- This strategy aims to reduce dependence on imports in the long run.
- As a result, the expenditure on defense procurement from foreign sources has decreased from 46 percent of the overall expenditure in 2018-19 to over 36 percent as of December last year.
- In the past, India was mainly recognized for importing defense equipment.
- However, the situation has changed, and now India exports various significant military assets such as the Dornier-228 aircraft, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, and armored vehicles.
Additionally, there is an increasing global demand for India’s own products, including the LCA-Tejas, Light Combat Helicopters, Aircraft Carriers, and MRO (Maintenance, Repair, and Overhaul) activities.