Wednesday, May 29, 2024

Indian Defence Industry Booms As ‘Made-in-India’ Share Surges

By Staff Correspondent

India’s defence sector has experienced a 23-fold increase in exports over the last decade, reaching a historic high of nearly INR 16,000 Crore in the fiscal year 2022-23, up from INR 686 Crore in 2013-14. This striking growth emphasises India’s burgeoning influence in the international defence manufacturing market.

The Indian defence industry’s products now grace the shores of over 85 nations, with a vast range of designs and developments being exported by more than 100 companies.

A slew of policy reforms and initiatives implemented by the government over the past nine years have been instrumental in this surge. The bureaucracy involved in the export process has been significantly reduced, making it more industry-friendly. The initiatives have catalysed the export authorisation process, streamlining it into an end-to-end online system, and thereby elevating the ease of doing business in the sector.

Simultaneously, the Atmanirbhar Bharat initiatives have fostered domestic design, development, and manufacturing of defence equipment. This home-grown focus has effectively curbed India’s dependence on foreign suppliers, with the proportion of defence procurement from abroad sliding from 46% in 2018-19 to 36.7% as of December 2022.

The once import-dependent country now boasts a diverse export portfolio, featuring major platforms such as the Dornier-228 aircraft, Brahmos Missiles, PINAKA rockets and launchers, and armoured vehicles, amongst others. Notably, the global appetite for India’s indigenous creations, including the LCA-Tejas, Light Combat Helicopters, Aircraft Carriers, and Maintenance, Repair, and Overhaul (MRO) services, is steadily climbing.

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