India’s defence exports hit a record high in FY23, rising from about US$ 82.9 million (Rs. 686 Crore) in FY14 to about US$ 1.9 billion (Rs. 16,000 Crore).
Ministry of Information and Broadcasting informed in a press release that this surge, a 23-fold increase, highlights India’s significant advancement in the global defence manufacturing industry.
The ministry noted, “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 stressed that the government has implemented several policy initiatives over the past nine years 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 stressed 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.”
Furthermore, India, which has been the top arms importer globally over the last decade, relies on Russia for approximately 50% of its military procurement.
