India’s defense exports crossed 7000 crores till November, and due to these reasons it became dominant in the world
Defense News: In the last few years, the government has implemented several policies to promote defense exports, its purpose is not only to increase revenue but also to improve diplomatic relations with other countries.
Highlights
⏩ India exported defense material worth Rs 7,034 crore till November 1 this year
⏩ According to the data, the value of India’s defense exports in 2021-22 was 12,814 crores
⏩ The country has set a target of reaching 35000 crores of its annual defense exports by 2025.
New Delhi. India has achieved a defense export figure of 7000 crores by 1 November 2022 and this figure is expected to go up to Rs 15000 crores by the end of the financial year. News 18 has received this information from official data. According to the data, India has exported defense material worth Rs 7,034 crore till November 1 this year. Sources say that some major defense deals are expected to be completed by the end of this year or early 2023, after which the figure may go up. The value of India’s defense exports in 2021-22 was 12,814 crores. A significant increase has been registered in this since 2014-15, during that time this figure was only 1940.64 crores.
Let us tell you that India’s private sector has a major share in this entire defense export. The country has set a target of reaching 35000 crores in its annual defense exports by 2025. At the same time, the report of the Stockholm International Peace Research Institute (SIPRI) states that India ranks 23rd among the 25 major arms exporters around the world. India has a share of 0.2 percent in global arms exports between 2017-21, which was only 0.1 percent in the previous years.
BrahMos and advanced helicopters increased the credibility
This year, India signed several significant defense export deals, including a massive $375 million contract with the Philippines for BrahMos supersonic missiles. Apart from this, a $ 155 million contract has been signed with Mauritius for the modern version of the advanced light helicopter (ALH Mark III), and with another country, private firm ‘Kalyani Strategic Systems’ for artillery guns.
At the same time, India is going to introduce its indigenously built light combat aircraft Tejas in the African and South Asian markets. According to the Ministry of Defence, India exports personal protective equipment, offshore patrol vessels, ALH helicopters, SU avionics, Bharti radios, Coastal Nigren systems, Kavach MoD II launchers, and FCS, radars, electronic systems, and light engineering machinery parts.
It is shipped to around 84 countries, including Italy, Maldives, Sri Lanka, Russia, France, Nepal, Mauritius, Israel, Egypt, UAE, Bhutan, Ethiopia, Saudi Arabia, the Philippines, Poland, Spain, and Chile.
Steps were taken to streamline exports
In the last few years, the government has implemented several policies to promote defense exports. Its purpose is not only to increase revenue but also to improve diplomatic relations with other countries. It also includes the creation of a new export promotion cell under the Ministry of Defense to coordinate export-related activities, issue notification of schemes for providing financial assistance to India’s defense partners, increase the validity of export authorization, and The scheme for the promotion of defense exports, which includes giving manufacturers access to the testing infrastructure of the Ministry of Defense for verification of their products, works for him. Along with this, the Ministry of Defense has also prepared a Defense Production and Export Promotion Policy, which is currently awaiting cabinet approval.
