Defence Minister, Rajnath Singh
India’s Defense Minister, Rajnath Singh shared the exponential numbers that India’s defense exports have reached. It is indeed a record-breaking number of ₹15,920 crore in the financial year 2022-2023. He has praised the nation for the same.
The tweet said, “India’s defense exports have reached an all-time high of Rs 15, 920 crores in FY 2022-2023. It is a remarkable achievement for the country. Under the inspiring leadership of PM Shri Narendra Modi, our defense exports will continue to grow exponentially.”
India’s defence exports have reached an all-time high of Rs 15, 920 crore in FY 2022-2023. It is a remarkable achievement for the country.
Under the inspiring leadership of PM Shri @narendramodi, our defence exports will continue to grow exponentially. pic.twitter.com/rav4En4lAH
— Rajnath Singh (@rajnathsingh) April 1, 2023
Statistics from the previous years
The defense minister also provided details on India’s Defense export in the past 5 years –
In the year 2016-17, the export was ₹1,521 crore
In the year 2017-18, the export was ₹4,682 crore
In the year 2018-19, the export was ₹10,745 crore
In the year 2019-20, the export was ₹9,115 crore
In the year 2020-21, the export was ₹8,434 crore
Singh also announced that the government has set a target of manufacturing defense hardware worth ₹1,75,000 crore and taking defense exports to ₹35,000 crore by 2024-25.
Booming defense sector of India
India’s defense sector has gained a lot of strength in the past few years. Since India was quick to realize that it needs to reduce its dependence on other nations for defense equipment. Hence, the nation has started manufacturing the equipments on its own. It has produced fantastic equipments and exported to other countries. India has cracked deals with countries like the US, Southeast Asia, West Asia, Africa, and the Philippines. Most of the share of export and production of defense equipment goes to the private sector but it is anyhow contributing to the economy and self-sufficiency of the nation. India is on its way to become a landmark nation in this sector.
