India to secure the top spot among 25 countries in defence exports: Union minister

The government has released four lists comprising a total of 4,666 defence components, resulting in significant cost savings

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

Recent Articles

India and Greece Forge Strategic Alliances

February 22, 2024

India and Greece agreed to collaborate on the co-production and …

Read More

EPFO Records Significant Surge in Formal Job Creation

February 21, 2024

In December, formal job creation within the Employees’ Provident Fund …

Read More

Europe a priority for India: EAM S Jaishankar

February 21, 2024

S Jaishankar, the Minister of External Affairs, highlighted the paramount …

Read More