Defence exports for FY23 reach INR 16k crore

This marked an impressive growth of over 10 times since FY17, when defence exports amounted to INR 1,521 crore

July 6, 2023

The surge in India's defence exports can be attributed to several policy measures that have fostered growth

The Ministry of Defence has reported that India exports various major platforms, including the Akash and BrahMos missiles

With an export target of INR 35,000 crore by FY25, India is determined to further expand its defence exports

The government's foreign policy and Prime Minister Narendra Modi's visits to the United States and France have played a significant role in fostering defence ties

India’s defence exports for FY23 reached a historic high of approximately INR 16,000 crore, marking an impressive growth of over 10 times since FY17, when defence exports amounted to INR 1,521 crore. 

The Ministry of Defence has reported that India exports various major platforms, including the Akash missile, BrahMos, Pinaka, Dornier-228, thermal imagers, 155 mm Advanced Towed Artillery Guns (ATAGs), radars, simulators, body armours, and mine-protected vehicles. Additionally, platforms like the Light Combat Helicopters, Aircraft Carriers, and Light Combat Aircraft (LCA) Tejas have gained significant interest and demand.

The surge in India’s defence exports can be attributed to several policy measures fostering growth. One notable factor is the implementation of positive indigenization lists, which have propelled India toward its goal of becoming a net exporter of arms. These lists prioritize using indigenous technologies and equipment, incentivizing domestic defence production.

With an export target of INR 35,000 crore by FY25, India is determined to further expand its defence exports. Experts said India must focus on exporting niche weapon systems to achieve that. 

While India’s defence exports have grown substantially, it is still absent from the top 25 list of global defence exporters. Nevertheless, experts envision a shift in this trend as geopolitical dynamics prompt the West to share more defence technology with India.

The government’s foreign policy and Prime Minister Narendra Modi’s visits to the United States and France have played a significant role in fostering defence ties and expanding opportunities for collaboration. As India continues to strengthen its defence capabilities and foster strategic partnerships, the growth of defence exports is expected to contribute to its overall security objectives.

Source: Economic Times

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