9 Years of Modi Government: Defence exports surge powered by 'Aatmanirbharta'
The value of India's defence exports has reached around Rs 16,000 crores in the financial year 2022-23, a significant rise from Rs 686 crores in 2013-14. This achievement marks a substantial success as it surpasses the previous highest level of exports in the previous fiscal year.
FollowIndia has experienced a remarkable growth in its defence exports, registering a nearly 23-fold increase since 2014.
The value of India's defence exports has reached around Rs 16,000 crores in the financial year 2022-23, a significant rise from Rs 686 crores in 2013-14. This achievement marks a substantial success as it surpasses the previous highest level of exports in the previous fiscal year.
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Defence Minister Rajnath Singh announced during the "Rising India Conclave" in March that the goal is to achieve defence exports worth Rs 40,000 crores by 2026, and India is making progress in that direction.
India's defence exports have now reached more than 85 countries, signifying the country's advancement in the global defence manufacturing sector. This achievement demonstrates India's capability in design and development, with its defence industry showcasing its products to the world.
Under the leadership of Prime Minister Modi, India is emerging as one of the most powerful nations in this regard.
Approximately 100 companies in India are currently involved in the export of defence products. The government has implemented various policies and reforms in the past nine years to promote defence exports and facilitate this growing sector.
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The 'Self-reliant India' initiative has played a significant role in encouraging indigenous design, development, and manufacturing of defence equipment within the country. This has reduced the country's dependence on imports over time.
Expenditure on defence procurement from foreign sources has decreased from 46% of total expenditure in 2018-19 to over 36% in December of the previous year.
There is an increasing global demand for India's indigenous defence products. Once known primarily as an importer of defence equipment, India now exports a wide range of major platforms, including the Tejas aircraft, Dornier-228, artillery guns, BrahMos missiles, Pinaka rockets and launchers, radars, simulators, and mine-protected vehicles.
The global demand for India's indigenous products, such as LCAs Tejas, light combat helicopters, aircraft carriers, and MRUs, is also on the rise.
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