Tuesday, June 18, 2024

India’s Defence Exports Surge To All-Time High Of ₹160 Billion In FY22-23

By Staff Correspondent

India’s defence exports have made significant strides in the Financial Year 2022-23, thanks to the government’s consistent policy initiatives and the defence industry’s tremendous contribution. The industry has achieved an all-time high of approximately INR 160 billion, surpassing the previous year’s INR 30 billion and representing a growth of over 10 times since 2016-17. With India exporting to over 85 countries and 100 firms currently exporting defence products, the country is showcasing its design and development capabilities to the world.

In a tweet, Prime Minister Narendra Modi lauded the achievement, describing it as a clear manifestation of India’s talent and enthusiasm towards ‘Make in India.’ The rising defence exports and participation of 104 countries in Aero India 2023 are evidence of India’s growing defence manufacturing capabilities, according to the PM. Defence Minister Rajnath Singh also hailed the record defence exports as a remarkable achievement for the country and expressed confidence that under the Prime Minister’s inspiring leadership, defence exports would continue to grow exponentially.

India has made significant strides in defence exports, transitioning from an importer to exporting major platforms such as Dornier-228, 155 mm Advanced Towed Artillery Guns (ATAGs), Brahmos Missiles, Akash Missile System, Radars, Simulators, Mine Protected Vehicles, Armoured Vehicles, PINAKA Rockets and Launchers, Ammunitions, Thermal Imagers, Body Armours, Systems, Line Replaceable Units (LRUs), and parts and components of Avionics and Small Arms.

The increasing global demand for LCA-Tejas, Light Combat Helicopters, Aircraft Carrier, MRO activities, among others, is a testament to India’s increasing influence in the defence industry.

The government has taken several policy initiatives and reforms over the last five to six years to boost defence exports. Export procedures have been simplified and made industry-friendly, with end-to-end online export authorisation curbing delays and improving ease of doing business. The government has also notified three Open General Export Licenses (OGEL) for the export of parts and components, transfer of technology, major platforms, and equipment. These one-time export licenses permit the industry to export specified items to specified destinations without seeking export authorisation during the validity of the OGEL.

Moreover, the government disseminates export leads received from various countries to registered Indian Defence Exporters through an online portal on a real-time basis, enabling them to respond to export opportunities promptly.

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