January 29, 2024
India's ascendancy in defence production has led to a substantial increase in defence exports
India’s production increased to INR 15,916 crore in 2022-23
Defence exports until December 2023 reached about INR 9,428 crore
Defence ministry is committed to fostering innovation and technology
Union Minister Ajay Bhatt stated that India is achieving self-sufficiency in defence manufacturing and, for the first time, leading the top 25 nations in defence exports. Speaking at the Advantage Vidarbha program in Nagpur, the Minister of State for Defence highlighted the government’s initiative to ban the import of 4,666 defence components by issuing four lists, resulting in significant cost savings.
Bhatt emphasised that India’s ascendancy in defence production has led to a substantial increase in defence exports, surging from INR 4,682 crore in 2017-18 to INR 15,916 crore in 2022-23.
He further noted that defence exports until December 2023 had already reached about Rs 9,428 crore. Highlighting the profitability of almost all defence Public Sector Undertakings (PSUs) following the decentralisation of ordnance factories, Bhatt underscored the defence ministry’s commitment to fostering innovation and technology.
Source: Economic Times