New Delhi, July 22 (UNI) India’s defence production grew substantially from Rs 74,054 crore in FY17 to Rs 108,684 crore in FY23, boosting defence exports and finding a place in the list of top 25 arms exporting nations, says Economic Survey 2023-24.
Between 2015 and 2019, India held the distinction of being the world’s second-largest arms importer. The narrative, however, has changed. India has transitioned from an arms importer and found a place in the list of the top 25 arms exporter nations. The defence industry, including the private sector and Defence Public Sector Undertakings (DPSUs), has made tremendous efforts to achieve the highest-ever defence exports.
In addition, there has been a rise in the number of export authorisations issued to the defence exporters. From 1,414 export authorisations in FY23, the number has increased to 1,507 in FY24. About 100 domestic companies are exporting a wide range of defence products and equipment such as aircraft like Dornier-228, artillery guns, Brahmos Missiles, PINAKA rockets and launchers, radars, simulators, and armoured vehicles.
To give a push to defence exports, the Government has taken several policy initiatives over the past ten years. Export procedures have been simplified and made industry-friendly, with end-to-end online export authorisation curtailing delays and facilitating ease of doing business.
Further, the Aatmanirbhar Bharat initiatives have helped the country by encouraging indigenous design, development and manufacture of defence equipment, thereby reducing dependency on imports in the long run, the Survey added.
