Defence exports surge all time high to ₹16,000 cr

New Delhi: India's defence exports have reached an all-time high, surging from Rs. 686 Crore in FY 2013-14 to approximately Rs. 16,000 Crore in FY 2022-23.

The Government said, the export has seen a a 23-fold increase, highlights India's significant advancement in the global defence manufacturing industry.

The I&B ministry said, "With exports reaching more than 85 countries, India's defence industry has shown its capability of design and development to the world, with 100 firms exporting defence products at present."

The ministry highlighted that over the past nine years, the government has implemented several policy initiatives and introduced reforms to boost defence exports.

"The expenditure on defence procurement from foreign sources has reduced from 46% of overall expenditure in 2018-19 to 36.7% in December 2022," it added.

The release said that India, previously recognized primarily as an importer of defence equipment, has now emerged as an exporter of various significant platforms. "These include aircraft like the Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles."

Earlier, the Ministry of Defence said in a statement that India's defence production achieved a significant milestone by surpassing ₹1 trillion rupees ($12 billion) in FY23, marking a year-on-year growth of over 12%. This record-breaking achievement is noteworthy as India has been actively striving to reduce its dependency on imports from foreign nations.

(Defence Watch– India's Defence News centre that places the spotlight on Defence Manufacturing, Defence Technology, Strategy and Military affairs is on Twitter. Follow us here and stay updated.)