India’s defence exports up 18.75% yoy
All-time high of about Rs.16,000 crore in FY2022-23; 100 firms to over 85 countries
Boosted by the popularity of Brahmos missiles and LCA Tejas, India’s defence exports have risen by about 18.75% yoy in FY2022-23 to Rs15,920 crore. That is around 10-fold rise from Rs.1,521 crore in 2016-17.
Around 85 countries have imported defence equipment/products from India and around 104 firms are engaged in exports from India. Among nations, countries in Southeast Asia have evinced interest in importing the Brahmos missile, while LCA Tejas and Light Combat Helicopters are popular in Asia and Africa.
The private sector exports the bulk (around 70%) including spare parts. Meanwhile, India’s expenditure on defence procurement from foreign sources has declined from 46% of overall expenditure in 2018-19 to 36.7% in December 2022.
The Ministry of Defence said, “Through consistent policy initiatives of the Government and tremendous contribution of the defence industry, India has achieved a remarkable milestone in defence exports in Financial Year 2022-23.”
It added, “Today, India, which was known as an importer about eight years back, exports major platforms like Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets & Launchers, Ammunitions, Thermal Imagers, Body Armours, besides Systems, Line Replaceable Units and Parts & components of Avionics and Small Arms. There is growing global demand of LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities, etc.”
PM Modi said, “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.”
Defence Minister, Rajnath Singh, said, “Under the inspiring leadership of Prime Minister Shri Narendra Modi, the defence exports will continue to grow exponentially.”
In comparison, the US, which is the world’s leading defence exporter, exported defence products worth about Rs.16,92,000 crore in FY2022.
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