Report card from the Defence fraternity has come at a time when the Indian government is showcasing its achievements in multiple spheres after the completion of nine years and is all good for the nation. Military exports have risen sharply and imports have declined owing to the policy initiatives and reforms during the past nine years, said the Union government.
Exports grew 23 times between 2013-14 and 2022-23 financial years while the spending on sourcing weapons and systems from foreign countries dropped from 46% of the total expenditure in 2018-19 to 36.7% in December 2022, it said in a statement.
India’s defence exports have reached an all-time high, surging from ₹686 crores in FY 2013-14 to nearly ₹16,000 crores in FY 2022-23. This remarkable 23-fold increase reflects India’s progress in the global defence manufacturing sector,” the statement said.
India had on May 19 announced that the value of defence production in the country crossed ₹1 lakh crore for the first time on the back of key reforms to spur growth in the sector. The figure stood at ₹1,06,800 crore in 2022-23 compared to ₹95,000 crore in 2021-22 and ₹54,951 crore five years ago.
India is exporting military hardware to around 85 countries, with around 100 firms involved in outbound shipments. It includes missiles, artillery guns, rockets, armoured vehicles, offshore patrol vessels, personal protective gear, a variety of radars, surveillance systems and ammunition.
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