India’s defense exports achieve over 30-fold growth in last decade

New Delhi, July 14 (IANS) – India’s defence exports have experienced an astounding 30-fold increase over the past decade, soaring from Rs 686 crore in the financial year 2013-14 to a record Rs 21,083 crore in FY 2023-24. This remarkable growth highlights the global acceptance and demand for Indian defence products and technologies.

With exports reaching more than 85 countries across Southeast Asia, the Middle East, Africa and Latin America, India’s defence industry has shown its capability of design and development to the world, with around 100 firms exporting defence products at present, a senior official said.

To give a push to defence exports, the Government has taken a number of policy initiatives like ‘Make in India’ and rolled out economic reforms over the last 10 years. Export procedures have been simplified and made industry-friendly with end-to-end online export authorisation curtailing delays and bringing Ease of Doing Business, he added.

Further, the Atmanirbhar Bharat initiatives have helped the country by encouraging indigenous design, development and manufacture of defence equipment in the country, thereby reducing dependence on imports in the long run.

A significant development has been the emergence of the private sector as a supplier of defence equipment with companies such as Larsen & Toubro, Tata Advanced Systems, and Bharat Forge emerging as major players.

Of the total value of production in 2023-24, about 79.2 per cent has been contributed by DPSUs/other PSUs and 20.8 per cent by the private sector. The official data shows that in terms of absolute value, both DPSUs/PSUs and the private sector have recorded steady growth in defence production.

India’s export basket of defence products includes missiles, radars, naval systems, helicopters, and surveillance equipment. India has made substantial progress in the indigenous production of advanced naval systems that also cater to the export market. Advanced platforms like the INS Vikrant aircraft carrier highlight the achievement in this segment. Fast-attack naval craft, offshore patrol vessels, and various maritime weapon systems are other products that are being exported. The export of BrahMos supersonic cruise missiles, developed jointly with Russia, has been another major achievement, with countries like the Philippines purchasing the system recently.

Source;IANS